Posted 1/31/2024, 2:57:31 AM
PayPal to Cut 2,500 Jobs As Competition Rises and Growth Slows
- PayPal to cut about 2,500 jobs, around 9% of its workforce, to "right-size" the company amid rising competition and profit pressures
- Cuts include eliminating open roles and laying off staff, who will be notified by end of week
- Follows similar job cuts made last January as company struggles to keep pace with rivals like Apple and Zelle
- PayPal shares down over 20% in past year as earnings faltered and firm lowered margin guidance
- Cuts intended to help PayPal move faster and invest in growth areas under new CEO Alex Chriss