PayPal will cut about 2,500 jobs, or 9% of global workforce
PayPal is reducing its global workforce by 9%, or around 2,500 jobs, according to an internal letter from CEO Alex Chriss.
The job cuts will impact both existing roles and positions PayPal had planned to hire for throughout the year.
The decision is aimed at driving more focus, efficiency, and deploying automation to streamline operations.
The technology will be consolidated to reduce complexity and duplication within the organization.
Despite the workforce reduction, PayPal plans to continue investing in areas of the business that are expected to generate growth.
Affected employees will receive notifications about the job cuts by the end of the week.
Last week, PayPal announced a significant move into artificial intelligence features under the leadership of CEO Alex Chriss.
This marks Chriss's first major announcement since joining as CEO in September from financial tech company Intuit.
The AI features include a faster checkout experience, AI-powered merchant recommendations, and a consumer app overhaul.
Chriss referred to this development as the beginning of PayPal's "next chapter" in its business strategy.
The job cuts are part of a broader initiative to drive efficiency and consolidation across the organization.
The reductions in workforce align with PayPal's ongoing efforts to adapt and innovate in a rapidly changing business landscape.