PayPal layoffs: 9% of workforce being eliminated

PayPal plans to cut its headcount by 9% as part of a restructuring plan, company officials said Tuesday, according to multiple reports.

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The layoffs will be done through direct cuts and the elimination of open roles throughout the year, Bloomberg News reported. Impacted employees are expected to be notified by the end of the week.

About 2,500 jobs will be affected, according to the San Francisco Chronicle.

“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,” PayPal CEO Alex Chriss said in a letter to employees reviewed by The Wall Street Journal.

He added, “We need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication.”

PayPal employed about 29,900 people at the end of 2022, with about 40% of workers based in the U.S., according to the Journal. Last year, the company trimmed its workforce by about 2,000 roles, the Chronicle reported.

With the letter sent Tuesday to employees, PayPal joined several companies in announcing layoffs in the first month of 2024. Other businesses, including eBay, Wayfair, Amazon, Google and Meta have also announced plans to cut positions.

Since the start of the year, 102 tech companies have slashed nearly 29,000 jobs, according to Layoffs.fyi, a site that tracks job cuts in the tech sector.

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