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PayPal layoffs: 9% of workforce being eliminated
The layoffs will be done through direct cuts and the elimination of open roles throughout the year.
“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth,” PayPal CEO Alex Chriss said in a letter to employees reviewed by The Wall Street Journal. He added, “We need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication.” Other businesses, including eBay, Wayfair, Amazon, Google and Meta have also announced plans to cut positions.
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