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PayPal Holdings, Inc. is set to terminate over 2,000 workers this year. This move was confirmed by the company’s chief executive officer, Alex Chriss, on Tuesday, Jan. 30.
The financial technology company, headquartered in San Jose, California, is preparing to cut around 2,500 jobs which is equivalent to nine percent of its total workforce worldwide. PayPal Holding’s CEO released a memo addressed to the employees stating the reason for the decision.
Preparation for the Future of PayPal
In the internal memo, Chriss told the staff that the management is implementing the new layoffs to trim the workforce to the “right size.” He said that this would be carried out in two ways - one is by direct cuts and the other is by elimination of open job roles throughout 2024.
As per Reuters, PayPal also published the memo on the company’s official website after the market close and its shares ended the day with a decrease of 0.13%. All the employees who will be affected by the cuts are set to get notifications starting today until the end of this week.
Assurance of Support for Affected Staff
PayPal’s chief told everyone that all the decisions they make, including the job terminations are subject to consultation as required by law. He added that true to the values of PayPal and its management, the company will provide support to affected employees. They will be assisted in their transitions “with the utmost respect, support, and compassion.”
“Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 9% through both direct reductions and the elimination of open roles over the course of the year,” PayPal’s president and CEO Alex Chriss wrote in a corporate memo. “We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth.”
He went on to say, “These decisions were not easy to make, and we are undertaking these actions with tremendous care and consideration.”
Photo by: Sagar Savla/Wikimedia Commons (CC BY-SA 3.0)
