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PayPal cuts 2,500 jobs in the face of competition

It once dominated the payments industry but firms like Apple, Zelle and Block are taking market share.

Chief executive officer Alex Chriss told staff that the decision was made to "right-size" the company "through both direct reductions and the elimination of open roles". This week, Block, which is led by Twitter's co-founder Jack Dorsey, began cutting jobs as part of its goal to trim its workforce by 1,000 by the end of the year. Earlier this month, a union representing workers at Google said it was "needless" for the tech giant to cut hundreds of jobs when it makes billions of dollars a year.

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