This is 9% of the staff
A few days ago, PayPal CEO Alex Criss said the company would make a major announcement, adding: «This is going to rock the world.».
We talked about AI-powered service improvements, including reducing checkout latency by integrating passkeys and phone biometrics, and a new checkout process called Fastlane that offers checkout capabilities. for guests in one click, the «Smart Receipts» function based on artificial intelligence and CashPass — new feature that provides customers with hundreds of personalized cash back offers.
However, the bigger surprise was the following news: yesterday it was announced that the company was laying off 2,500 people, or 9% of its workforce worldwide. Alex Criss made the announcement in a letter to employees on Tuesday. PayPal had approximately 29,000 employees as of March 2023, according to a company report.
«We do this to properly size our business so that we can move at the speed necessary to serve our customers and drive profit growth. The Company will continue to invest in areas of the business that we believe will support and accelerate growth», — said Criss.