PayPal slashes 2,500 jobs amidst increasing competition

PayPal has announced plans to cut 2,500 jobs, which accounts for 9% of its global workforce. This move comes a year after the company made a similar decision. CEO Alex Chriss stated that the decision was made to “right-size” the company by reducing both direct positions and open roles. Affected staff will be notified by the end of the week. PayPal is facing increased competition from rivals such as Apple, Zelle, and Block. Chriss was brought in from Intuit last year to help revive PayPal’s declining share price. The company reported better-than-expected earnings in November, giving investors hope for a turnaround. In recent months, many technology giants have also announced significant job cuts, with over 260,000 jobs lost in the sector last year. Block, led by Jack Dorsey, has begun cutting jobs as part of its goal to reduce its workforce by 1,000 by the end of the year. Some workers in the technology industry are pushing back against these job cuts, arguing that companies like Google should not be cutting jobs when they are making billions of dollars in profit.