PayPal employees affected by the layoffs will be notified by the weekend of February 4th.
Global payment services company PayPal will cut about 2,500 jobs, representing 9% of all current positions. This was reported by Reuters on Wednesday, January 31.
It was noted that the company plans to lay off workers as it faces growing competition from companies such as Apple, Zelle and Block.
In a letter to employees, CEO Alex Criss said the decision was made to “optimize the size of the company” by both outright layoffs and a one-year ban on new hires.
“Our entire organization needs to increase its focus on efficiency, increase automation, and integrate our technology to reduce complexity and duplication of functions,” Criss wrote.
Affected employees will be notified by the end of the week.
Recall that Walt Disney animation studio Pixar plans to cut up to 20% of its workforce this year, and the studio’s team of 1,300 people will be reduced to less than 1,000 in the coming months.
Rolls-Royce said it would cut up to 2,500 jobs as part of a business optimization effort.
Source: korrespondent
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