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PayPal to cut 2,500 jobs, adding to January layoff announcements

Jan 30, 2024 - businessinsider.com
PayPal is planning to cut 9% of its workforce, approximately 2,500 jobs, as part of a strategy to "right-size" the business. This comes after a 20% slide in the company's stock over the past year and a previous reduction of 2,000 jobs in January of the previous year. The cuts will affect both current positions and future job listings in 2024, according to CEO Alex Chriss.

Despite the job cuts, PayPal plans to continue investing in areas that will drive growth. Last week, Chriss announced the company's plans to launch new AI-powered products, including "smart receipts" that send personalized recommendations to customers. This move is seen as a new chapter for PayPal, with Chriss highlighting the potential of AI in understanding customer and merchant behaviors.

Key takeaways:

  • PayPal is cutting 9% of its workforce, which equates to about 2,500 jobs, as part of a move to 'right-size' the business.
  • The company's stock has dropped more than 20% in the past year.
  • CEO Alex Chriss announced plans to launch new products using AI, including 'smart receipts' that send personalized recommendations to customers.
  • PayPal joins a number of other companies, including Amazon, Google, and UPS, that have announced job cuts in 2024.
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