PayPal to cut 20% of workforce in $1.5B savings plan
PayPal announced it will lay off approximately 4,760 employees, representing 20% of its workforce, as part of a $1.5 billion cost-saving initiative. The cuts follow a decline in first-quarter profit and are part of a turnaround strategy unveiled by new CEO Alex Chriss. The company aims to streamline operations and improve efficiency amid a challenging economic environment. The layoffs are expected to be completed by the end of the year.
Key facts
- PayPal is cutting 20% of its workforce, about 4,760 jobs.
- The layoffs are part of a $1.5 billion savings program.
- The announcement came alongside a drop in first-quarter profit.
- New CEO Alex Chriss unveiled the turnaround plan.
- The cuts aim to streamline operations and improve efficiency.
- The layoffs are expected to be completed by the end of the year.
Entities
Institutions
- PayPal
Sources
- Quartz —