Online payment firm PayPal is slashing its global workforce by approximately 7 percent this year—amounting to roughly 2,500 job losses—as it becomes the latest tech company to announce layoffs.
Alex Chriss, president and CEO of the firm, announced the cuts in a message first shared internally with employees on Jan. 30.
The same message was published on PayPal’s official website shortly after the market closed.
Mr. Chriss told employees that the “difficult” job cuts are part of PayPal’s efforts to “build a growth organization” and unlock its “true potential.”
The cuts will “right size” the tech giant while simultaneously allowing it to “move with the speed needed to deliver for our customers and drive profitable growth,” he said.
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