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PayPal to Cut 9% of Workforce Amid Competition and Profit Pressure

31/01/2024 09:00

According to Foresight News, PayPal plans to lay off approximately 9% of its workforce as the company's CEO, Alex Chriss, struggles to address increasing competition, profit pressures, and analyst downgrades since taking office in September last year. By the end of 2022, PayPal employed around 29,900 workers and announced a similar round of layoffs in January last year. The latest layoff move will affect about 2,500 employees. In a letter to employees on Tuesday, Alex Chriss stated that the decision was made to adjust the company's size through direct layoffs and the cancellation of vacant positions throughout the year. Affected employees will be notified before the end of this week. The layoffs will enable the company to serve its customers at the required speed and drive profit growth. Meanwhile, PayPal will continue to invest in business areas that it believes will create and accelerate growth.

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