PayPal has announced plans to cut 2,500 jobs, which accounts for 9% of its global workforce. The decision to downsize the company was made in order to align its size with its current needs and involves both direct reductions and the elimination of open positions. Affected employees will be notified by the end of the week. PayPal is facing increased competition from rivals such as Apple, Zelle, and Block. CEO Alex Chriss, who was brought in from Intuit last year, aims to revive the company’s share price, which has fallen by over 20% in the past year. Despite this, PayPal reported better-than-expected earnings in November, giving investors some hope for its turnaround. The company recently launched new AI-driven products and a one-click checkout feature. These job cuts follow a trend of layoffs in the technology sector, with over 260,000 jobs lost last year. In the past month alone, nearly 100 tech firms have announced a total of 25,000 job cuts. Block, led by Twitter co-founder Jack Dorsey, is also cutting jobs as part of its goal to reduce its workforce by 1,000 by the end of the year. Some technology industry workers are pushing back against these job cuts, with a union representing Google workers stating that it is unnecessary for the company to cut jobs when it makes billions of dollars annually.
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