PayPal is cutting another 9 percent of staff

PayPal is reducing its workforce by about 9 percent, which is estimated to be around 2,600 employees. This concerns both layoffs and the ‘elimination of open positions’. It is not yet clear exactly how many people will be dismissed and for which departments they work.

According to CEO Alex Chriss, who has been with the company since September 2023, the aim of the layoffs is to ‘right-size’ the company. Chriss promises to inform employees by the end of the week if they are among the group of people affected. He further writes that the company must ‘execute plans faster’ and that the organization must therefore be organized more efficiently. “We need to focus on efficiency across the organization, rolling out automations and consolidating our technology to reduce complexity and duplication,” said Chriss.

This is the second round of layoffs at the company behind the online payment system in just under a year. At the beginning of February 2023, PayPal already laid off seven percent of its staff, which amounted to approximately 2,000 employees. Then-CEO Dan Schulman cited “difficult macroeconomic times” as the main reason for the layoffs.