PayPal (Nasdaq: PYPL) is cutting 9% of its workforce, the company confirmed on Tuesday after reports of it circulated online.
According to CEO Alex Chriss’s letter to the staff that was shared on Tuesday, the cuts will be done “through both direct reductions and the elimination of open roles over the course of the year.” It’s unclear how this translates to the number of people getting laid off, but there are reports that say it will be around 2,000, others say it could be as many as 2,500.
“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth,” Chriss wrote. He also said that the company would be deploying automation and consolidating its technology to reduce complexity and duplication.
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PayPal joins the list of 104 tech companies that cut over 28,000 jobs just in 2024, according to Layoffs.fyi.
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