Topline
PayPal will cut some 2,500 jobs in the upcoming year, according to Bloomberg, marking the latest round of tech industry layoffs so far this year.
Key Facts
The cuts will reduce PayPal’s workforce by about 9%, which includes both eliminating vacant positions and cutting jobs, CEO Alex Chriss told staff Tuesday in a letter obtained by Bloomberg.
The letter reportedly said the company wanted to “right-size” PayPal, which employed some 29,900 people at the end of 2022, according to the company.
This is a breaking story and will be updated.
Further Reading
Microsoft, eBay And iRobot Cut Hundreds Of Jobs: Here Are 2024’s Tech Layoffs (Forbes)