PayPal cuts 2,500 jobs to boost growth
CALIFORNIA, UNITED STATES — Payments company PayPal Holdings announced that it will reduce its global workforce by approximately 9% in 2024, amounting to around 2,500 job cuts.
“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,” newly appointed CEO Alex Chriss explained in an internal letter to staff.
The job cuts will impact both existing roles and open positions that PayPal had planned to hire for this year.
The decision comes as PayPal looks to boost revenues beyond transaction volumes and reduce expenses. The company has faced recent stock pressure, with shares falling 14% last year. Investors hope new CEO Chriss, formerly an executive at Intuit, can reinvigorate growth.
Last week, PayPal unveiled new artificial intelligence (AI)-driven products and a one-click checkout feature to revolutionize commerce for both merchants and consumers.
