PayPal began company-wide layoffs on Tuesday, according to multiple media reports, months after CEO Alex Chriss, who joined PayPal in September, began seeking ways to cut costs.
The company is planning to cut around 2,500 jobs, equivalent to around 9% of the company’s workforce, according to a report from Bloomberg.
According to a report by The Information, PayPal human resources department alerted staffers to the layoff plans as an effort to slash costs. The layoffs will impact people across multiple divisions, including engineering and research and development.
Nearly one year ago today, PayPal announced plans to cut 2,000 employees, around 7% of its workforce.
The tech industry has seen a slew of major layoffs since the start of the year, including Amazon, Microsoft, Meta, and Google.
PayPal owns Venmo, Xoom, and Honey, however, the company has committed to launching new products and redesigning the checkout process to improve PayPal’s competitiveness.
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