PayPal CEO Alex Chriss announced in an internal memo that the company will cut 9% of its global workforce, or about 2,500 jobs, over the course of the year. The memo, which was obtained by CNBC, said the move was aimed at streamlining the business and boosting its focus and efficiency.
Chriss, who joined PayPal from Intuit in September, said the company will continue to invest in areas that will create and accelerate growth, such as artificial intelligence. Last week, PayPal unveiled new AI features, such as a faster checkout experience, AI-powered merchant recommendations and a consumer app overhaul. Chriss called it the start of PayPal’s “next chapter.”
Affected employees will be notified by the end of the week, Chriss said, adding that the company will support them with respect, support and compassion. He said PayPal has significant potential to create value for its employees, customers and shareholders, and urged the team to work together to achieve that goal.
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