PayPal reduces workforce by 9%, 2,500 jobs affected


Content Team
Image Credit: newsbytes

PayPal is set to slash 2,500 jobs, or 9% of its global workforce, as it faces stiff competition from rivals like Apple, Zelle, and Block. CEO Alex Chriss told employees that the cuts were made to "right-size" the company by reducing positions and eliminating open roles. Affected staff will be informed by the end of the week. This comes a year after PayPal made a similar move when it laid off around 2,000 employees.