Payments firm PayPal to cut about 2,500 jobs
Payments firm PayPal to cut about 2,500 jobs

Layoffs 2024: PayPal Holdings, a payments company, is considering laying off 2,500 employees worldwide in 2024, or 9% of its total workforce. CEO Alex Chriss disclosed the proposal in a letter dated January 30.

“Today, I am writing to share the difficult news that, over the year, we will be eliminating open roles and directly reducing our global workforce by approximately 9%,” Chriss stated in an official statement.

The newly appointed CEO, Chriss, wrote a letter to the staff explaining that the company had decided to “right-size” itself by eliminating unfilled positions and making direct layoffs over the year. By the end of the week, notice is anticipated to be given to the impacted staff members.

PayPal declared last week that it was pursuing features involving artificial intelligence. It was Chriss’s first significant statement since taking over as CEO of Intuit, the financial technology business that makes TurboTax, in September. Faster checkout times, AI-powered merchant recommendations for consumers, and a revamp of consumer apps are just a few of the AI features. Chriss referred to it as the start of PayPal’s “next chapter.”

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