PayPal to Slash 2500 Jobs Due to Artificial Intelligence
PayPal is set to cut 2500 jobs, amounting to 9% of the company’s global workforce, according to CEO Alex Chriss who confirmed the news in an internal letter to PayPal’s employees.
The cuts are likely to affect both existing roles and job listings that PayPal had sought to hire for. This will take place throughout the year, with affected employees being notified by the end of the week.
“Across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication,” Chriss wrote in the memo, citing that PayPal will “continue to invest in areas of the business we believe will create and accelerate growth.”
PayPal recently announced its computer driven enhancements to speed online checkout procedures, suggesting it is moving to expand its use of AI.
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