International payments company PayPal’s Alex Chriss, chief executive of the company said to reduce the workforce by about 9% in a letter to the employees, which was then posted on the company’s website, on Wednesday.
Amid the elongated pressures on managing costs, most companies have opted to take the measure of multiple rounds of layoffs, since the start of 2023.
About a year ago, Dan Schulman, former CEO of Paypal announced a job cut of 7%, affecting about 2,000 job positions, in order to right-size the company’s costs.
Chriss said, “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”, marking nearly 2700 employees.
“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”, added Chriss.
The company had about 29,900 employees across the globe, as of December 31, 2022, with a majority of 44% located in the Americas and 43% in Asia-Pacific regions.
Earlier this week, PayPal Ventures invested in Mesh through its PayPal USD (PYUSD), which is a stablecoin 100% backed by U.S. dollars, to help the finance company reinforce its position as a leading player in embedded finance.
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