Reports indicate that PayPal has initiated company-wide layoffs, although the exact number of affected employees remains unclear. Sources suggest that the job cuts could potentially impact thousands of individuals. This move comes nearly a year after the company announced plans to lay off around 2,000 employees, constituting approximately 7% of its workforce.
In recent months, PayPal has undergone various changes within its executive team. Alex Chriss assumed the role of CEO in September, bringing 19 years of experience from Intuit. Chriss expressed a vision to expand revenue beyond transaction-related volume. Archie Deskus transitioned from chief information officer to chief technology officer in November, while Jamie Miller was appointed chief financial officer.
Despite PayPal's expansion through acquisitions, including Venmo, Xoom, and Honey, it has faced challenges in competing with industry rivals like Apple and Stripe. Recent developments include Amazon dropping Venmo as a payment option, a class action lawsuit filed in October alleging anti-steering rules hindering competition, and previous layoffs at its San Jose headquarters in May 2022. The current round of layoffs adds to the ongoing shifts and challenges within the fintech company.
