PayPal plans to cut 2,500 workers in effort to ‘right-size’ itself

Fintech giant will eliminate 9% of its global workforce to cut costs

Paypal is planning to cut about 2,500 jobs, or 9% of its global workforce, this year, according to its CEO, Alex Chriss.

In a letter to staff sent on Tuesday, the newly appointed CEO said the decision was made to right-size" the company through both direct cuts and the elimination of open roles throughout the year. The staff that will be affected are expected to be notified by the end of the week.