PayPal Layoffs: 9% of staff being cut to ‘right-size’ the business
PayPal is laying off approximately nine per cent of its total workforce.
In addition to direct reductions, the payments firm will eliminate open roles over the course of the year.
What’s happening at PayPal?
In a note to staff on Jan. 30, CEO Alex Chriss said PayPal is cutting jobs to “right-size our business” and “drive profitable growth.”
“While I have been encouraged by the innovation our team is delivering, we must execute faster and ensure we are focused on solving our customers’ most critical needs and problems,” the note reads.
“Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication.”
Chriss added that affected workers will be notified “between today and the end of the week.”
According to news outlets, including Bloomberg News, around 2,500 employees at the company could be laid off.
PayPal layoffs in Canada
It remains unclear if any Canadian staff members at PayPal have been let go.
The company has more than 280 workers in the country, according to LinkedIn.
If you’re a non-unionized employee, check out our PayPal Layoffs guide.
You can also use our free Pocket Employment Lawyer tool for real-time insights.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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