PayPal to lay off 2,500 workers in 2024

PayPal Holdings Inc. has announced that about 9 percent or 2,500 of its global workforce will be sacked in 2024.

Alex Chriss, chief executive officer (CEO) of PayPal, disclosed this in a statement on Tuesday.

Chriss who took over in August 2023, said the decision was made to “right-size” the company through both direct cuts and the elimination of open roles throughout the year.

He said affected employees would be notified before the end of the week.

“Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication,” Chriss said.

“We have started on that journey, but there is a lot of work to do – and 2024 marks a year of change, including some difficult but necessary decisions to get us to where we need to go.

“Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 9% through both direct reductions and the elimination of open roles over the course of the year.

“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.

“If your role is included in this workforce reduction, you will be notified between today and the end of the week.

“These decisions were not easy to make, and we are undertaking these actions with tremendous care and consideration. All decisions are subject to consultation, where required by law.”

PayPal, which had around 29,900 workers as of the end of 2022, announced a similar round of cuts in January 2023.