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PayPal to trim workforce by 9% over 2024 in bid to streamline business

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  • PayPal Job Cuts:
    • PayPal to cut approximately 9% of its workforce throughout 2024.
    • Expected impact on around 2,500 jobs.
    • CEO Alex Chriss confirms the decision in a team-wide letter.
    • Reductions will occur through both direct cuts and the elimination of open roles.
    • Aim is to “right-size” the business, emphasizing a focus on reducing complexity and duplication.
    • Goal is to maximize reach, scale, and resources for profitable growth.
    • Chriss acknowledges the challenging decisions for the company’s transformation in 2024.
  • Previous Layoffs:
    • Comes almost a year after PayPal’s announcement of laying off about 2,000 employees in February 2023.
    • Previous layoffs attributed to a “challenging macro-economic environment.”
  • Industry Trends:
    • Occurs amid a broader trend of job cuts in the financial services industry.
    • Other companies like Citigroup, US fintech Brex, UK firm Abrdn, and Lloyds Banking Group have also announced staff reductions recently.
  • Leadership Changes:
    • Leadership changes in PayPal, with Alex Chriss taking over as CEO in August.
    • Further additions to the C-suite with Archie Deskus as CTO and Jamie Miller as CFO in November.
  • Context:
    • Reflects the company’s ongoing efforts to adapt to industry challenges and drive innovation.
    • Marks a year of change for PayPal, with a focus on necessary decisions for future success.

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