The payments company joins the ranks of businesses that announced layoffs in January.
According to a statement from CEO Alex Criss, the layoffs will cover 9% of the workforce – about 2,500 jobs. PayPal cut 2,000 jobs last January.
“We are shaping the size of the business to allow us to move at the speed necessary to serve our customers and drive profitable growth,” Chris wrote in a memo. “At the same time, we will continue to invest in areas that we believe will create and accelerate growth.”
According to Chris, the company is implementing the current reductions through the layoffs of current employees and the cancellation of open and planned vacancies for 2024. PayPal shares have fallen more than 20% over the past year.
According to Business Insider, Chris ran the financial services company Intuit and was named president and CEO of PayPal in September 2023. In its first major announcement last week, it unveiled plans to launch a series of AI-powered tools designed to “revolutionize commerce.”
These products include “smart receipts” that will use artificial intelligence to send personalized recommendations to customers. Chris described AI products as part of a “new chapter” for PayPal.
Google spent $2.8 billion for the year to lay off more than 12,000 people – last quarter the company earned $86 billion
