$67 Billion PayPal to Cut 2,500 Jobs Representing 9% of Global Workforce
1st February 2024 | Hong Kong
Leading payment service provider PayPal has announced to cut 2,500 jobs, representing 9% of global workforce. PayPal has a current market capitalization of $67 billion (31/1/24). PayPal President & CEO Alex Chriss: “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. 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.”
“ $67 Billion PayPal to Cut 2,500 Jobs Representing 9% of Global Workforce “
$67 Billion PayPal to Cut 2,500 Jobs Representing 9% of Global Workforce
Preparing for the Future
The following message was shared with PayPal employees today by President & CEO Alex Chriss:
Team,
In our last Global All Hands, I shared that to build a growth organization and unlock our true potential, we need to be honest about how we can improve. During the last few months, I have spent as much time as possible with as many of you as possible to learn about our company’s great strengths, as well as where we need to move faster, where we need to change, and what we need to do to instill a culture of innovation that returns our company to the true position of strength it deserves.
While I have been encouraged by the innovation our team is delivering, we must execute faster and ensure we are focused on solving our customers’ most critical needs and problems. Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication. We have started on that journey, but there is a lot of work to do – and 2024 marks a year of change, including some difficult but necessary decisions to get us to where we need to go.
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. 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.
If your role is included in this workforce reduction, you will be notified between today and the end of the week. These decisions were not easy to make, and we are undertaking these actions with tremendous care and consideration. All decisions are subject to consultation, where required by law. True to our values, we will support our employees’ transitions with the utmost respect, support, and compassion.
PayPal has significant potential to create substantial value for our employees, our customers, and shareholders. Over the next year, we will work together to maximize our reach, scale, and resources, so that we can have an even greater impact for the customers we serve.
I am confident that our PayPal community will come through this period even stronger, and I am optimistic about the future we will create together.
Alex
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