PayPal is laying off thousands of workers

Date:
Wed, 31 Jan 2024 09:49:42 +0000

Description:
Almost a year to the day from PayPal announcing 2,000 redundancies, the company has revealed a further 2,500 job cuts.

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PayPal has confirmed that it will be laying off around 9% of its workforce, accounting for an estimated 2,500 workers.

An official announcement by President and CEO Alex Chriss framed the change
as one that would help to right-size PayPal to stay competitive in an
evolving market, indicating that the companys growth isnt aligning with its headcount.

Affected staff members will be informed this week, signalling a swift introduction of PayPals restructuring plan to streamline costs and improve operational efficiency. PayPal lays off another 2,500 workers

This isnt the first time that PayPal has had to get rid of workers as a
result of a challenging economy. Almost exactly a year ago, on January 31, 2023, the company announced that it would be cutting around 2,000 jobs, equalling 7% of its then headcount.

Moreover, PayPal joins a growing list of companies having to make workers redundant this year, with Januarys total coming to around 29,000, according
to layoffs.fyi . In 2023, a total of 262,000 tech industry workers were affected, with just shy of 90,000 workers being laid off last January.

Within hours of PayPals announcement, rival company Block also announced a similar 10% staff reduction, accounting for the loss of around 1,000 jobs.

PayPals move comes in response to a more than 20% decline in share price over the past 12 months, from a 52-week high of $88.63 to a January 31, 2024 close of $63.76.

Details about the support packages available to staff have not been
disclosed, however the company shared: True to our values, we will support
our employees' transitions with the utmost respect, support, and compassion.

TechRadar Pro has offered PayPal the opportunity to share more context or to add a comment, but the company did not immediately respond. More from TechRadar Pro Worried about the news? Here are the best job sites and the
best recruitment platforms Over a thousand jobs are going at eBay as
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Link to news story: https://www.techradar.com/pro/paypal-is-laying-off-thousands-of-workers


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