Layoffs 2024: PayPal Set To Fire 2,500 Employees; Here's Why

layoffs 2024: PayPal set to fire 2,500 employees; here's why

PayPal, the popular online payment platform, is set to cut 9 per cent of the workforce, approximately 2,500 of its employees. The decision comes amid efforts to streamline operations and "right-size" the company by implementing both direct job cuts and the elimination of open positions.

Verified professionals from PayPal, sharing insights on the anonymous discussion forum, Blind, have reported that the layoffs have already commenced. By the end of the week, it is anticipated that about 2,500 jobs, equivalent to 9 per cent of the total workforce, will be impacted, according to PTI report.

In an internal memo, PayPal CEO Alex Chriss announced that affected staff members would be notified by the week's end, PTI report.

PayPal is currently facing high competition from industry rivals such as Apple, Zelle, and Block. Last year, around the same period, the company announced a reduction of around 2,000 jobs, constituting 7 per cent of its workforce. At that time, PayPal cited the "challenging macro-economic environment" as the driving force behind the decision.

CEO Alex Chriss, who assumed the position last year after joining from software company Intuit, has expressed the need for PayPal to evolve in response to the changing world, customer expectations, and competitive landscape. Despite the challenging circumstances, PayPal reported better-than-expected earnings in November, PTI reported citing BBC.

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