PayPal has begun a company-wide layoff, firing 2,500 employees on Tuesday, according to an employee who was involved in a meeting today. The move comes as its new CEO looks to cut costs and improve profits. The layoffs reportedly affected members of multiple different teams within PayPal, including engineering, research, and development.
Multiple employees who were a part of the layoffs went to LinkedIn to share the news. PayPal is one of the latest technology companies to cut jobs. Towards the latter half of 2023, tech companies such as Nokia and even some crypto platforms let go of hundreds of employees. All of them claimed the need to cut expenses and start fresh. Now, PayPal is one of the bigger tech giant companies to do so.
PayPal stock is up 2% in the last month and has been in the green to start 2024. However, with a new CEO tends to come many changes, and PayPal will look to boost profits more by slimming down its staff. It’s unclear if this will be a part of a significant rehaul of employees, or overall downsizing.
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Over the past few months, PayPal has made several changes to its executive team. Alex Chriss joined the company in September 2023 as its new CEO. In November, Archie Deskus transitioned from serving as the company’s chief information officer to chief technology officer. Jamie Miller was tapped to serve as its chief financial officer as well.
With the additions of Fintech companies such as Venmo and Honey, PayPal is continuing to expand. However, with the latest wave of layoffs, it is clear that the company is still competing with other tech giants such as Apple.