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.
If you value our journalism…
TMJ News is committed to remaining an independent, reader-funded news platform. A small donation from our valuable readers like you keeps us running so that we can keep our reporting open to all! We’ve launched a fundraising campaign to raise the $10,000 we need to meet our publishing costs this year, and it’d mean the world to us if you’d make a monthly or one-time donation to help. If you value what we publish and agree that our world needs alternative voices like ours in the media, please give what you can today.