Paypal is the latest tech company to announce layoffs

• 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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