PayPal To Cut About 2,500 Jobs as Rivals Snag Market Share

PayPal will reduce its workforce by about 9 per cent this year as chief executive Alex Chriss, who took over in September, grapples with rising competition, profit pressures and a raft of analyst downgrades. From a report: In a letter to staff on Tuesday, Mr Chriss said the decision was made to "right-size" the company through both direct cuts and the elimination of open roles throughout the year. Affected staff will be notified by the end of the week, according to the letter. PayPal, which employed about 29,900 workers at the end of 2022, announced a similar round of cuts last January. The latest move will affect about 2,500 workers.

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