PayPal initiated a global workforce reduction in January 2024, cutting approximately 9% of its staff, which amounts to about 2,500 jobs. This move was part of a broader effort by CEO Alex Chriss to streamline operations and focus on profitable growth.
The reduction in force is a key component of the company's strategic transformation, aiming to improve transaction margins and overall financial performance. This decision reflects a commitment to expense discipline and optimizing the organizational structure.
While significant, this restructuring is intended to position PayPal for a more agile and efficient future, allowing it to better compete in the evolving digital payments landscape and invest in higher-margin activities.
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