Posted 1/30/2024, 8:09:42 PM
PayPal to Cut 2,500 Jobs to Streamline Business Amid Slowing Growth
- PayPal to cut around 2,500 jobs, about 9% of its workforce, to "right-size" the company amid rising competition and profit pressures
- CEO Alex Chriss taking action to move faster, deliver for customers, drive profitable growth
- PayPal shares down 20% over past year as earnings declined and firm lowered guidance
- Chriss plans to address "cost base and complex structure" that have slowed progress
- Cuts part of effort to streamline what became a "bloated" business during pandemic under previous CEO