According to verified PayPal professionals on anonymous online discussion forum Blind, the job cuts have begun and by the end of the week, will impact around 2,500 jobs (about 9% of the company’s workforce).
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The decision is to “right-size” the company via direct job cuts and the elimination of open roles.
“Please support your fellow PayPal workers. Google luck to PayPal employees,” read a post on Blind.
PayPal CEO Alex Chriss said in an internal memo that the staff who are affected will be notified by the end of the week.
PayPal faces rising competition from rivals such as Apple, Zelle and Block.
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Last year around the same time, PayPal announced to cut around 2,000 jobs, or 7 per cent of its workforce. The online payments company said it was forced to make the decision as it faces “the challenging macro-economic environment.” “We must continue to change as our world, our customers, and our competitive landscape evolve,” PayPal had said in a statement.
Chriss joined the company as CEO last year from software company Intuit. In November, PayPal reported its first earnings under him, which topped analysts expectations, reports the BBC.