SQ - PayPal Cuts 9% of Staff in Efficiency Drive | Benzinga
PayPal Holdings, Inc (NASDAQ:PYPL) has initiated company-wide layoffs, impacting around 9% of its workforce, or approximately 2,500 employees. CEO Alex Chriss confirmed this development to employees in a letter.
In the letter, Chriss emphasized the need for greater focus, efficiency, automation, and reduced organizational complexity.
He indicated 2024 would be a year of significant changes, including challenging decisions to streamline operations, TechCrunch reports.
This layoff announcement follows a similar move nearly a year ago, where PayPal planned to reduce its workforce by 2,000 employees, about 7% of its staff.
Recently, the company has seen several changes in its executive team, with ...