PayPal will cut about 2,500 jobs or 9% of its total global workforce as announced by CEO Alex Chriss in an internal letter to employees.
The cut will reportedly affect existing positions and job listings that PayPal intends to fill for the entire year.
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PayPal Pushes Efficiency to Gain Growth
In an internal memo, Chriss cited that PayPal will be investing in business aspects that could accelerate its growth. "Across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication," he shared.
The CEO also added the company's need to execute better service in solving their customers' most critical needs and problems. According to him, the restructuring will start by resizing the business which will allow it to move and drive profit faster.
Affected employees will be notified by the end of the week while job openings under PayPal will be reduced over the year. The company also assured that the transition of employees will be fully supported.
PayPal Targets Greater Scale, Resource Next Year
Chriss also emphasized that PayPal is aiming to maximize its reach, scale, and resources over the next year. "PayPal has significant potential to create substantial value for our employees, our customers, and shareholders," he stressed.
Recently, the company announced upcoming features that will help revolutionize commerce using AI. This includes Fastlane and Smart Receipts which are tools to make checkouts faster than before.
Moreover, the company also introduced the next-generation Venmo business profiles that will help even small businesses establish their reach and network. Aside from that, CashPass will also launch in March and will give access to hundreds of personalized cashback offers.
Related Article: PayPal, Venmo Release AI-Powered Products to Advance Platform Growth
