Jan 30, 2024 - Business

Paypal is the latest tech company to announce layoffs

paypal HQ

PayPal headquarters on Jan. 30 in San Jose, California. Photo: Justin Sullivan/Getty Images

PayPal will lay off around 9% of its global workforce, the company's president and CEO Alex Chriss announced in a letter to employees Tuesday.

The big picture: PayPal is just the latest tech giant to slash jobs as more than 25,000 tech workers across nearly 100 companies have already been let go in 2024, according to tracking site Layoffs.fyi.

  • The company laid off around 2,000 employees, or around 7% of its global workforce, last year.
  • As of March 2023, PayPal had approximately 29,000 employees, according to a company report. The latest layoffs represent about 2,500 workers.

Driving the news: Chriss said the company is reducing its global workforce by approximately 9% "through both direct reductions and the elimination of open roles over the course of the year."

  • Employees whose roles are being eliminated will be notified between Tuesday and the end of the week, per the letter.
  • "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," he said in the letter.

Meanwhile, the company will continue to "invest in areas of the business we believe will create and accelerate growth," Chriss said.

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