visimoney
In a surprising move, PayPal has announced that it will be laying off around 2,500 employees, which constitutes 9% of its workforce. This news comes just days after another fintech, Brex, also laid off a significant number of employees without notice. Many PayPal employees have expressed shock and frustration, stating that they received no advance notice and were locked out of their accounts immediately. Even high-performing individuals were affected by the layoffs.
One of the most senior individuals affected by the layoffs was Troy Giles, the director of organizational strategy. He had been with the company for 12 years and expressed optimism about the future, stating that every fall is an opportunity to rise.
PayPal’s new CEO, Alex Chriss, has stated that these layoffs are part of an effort to right-size the business and invest in areas that will drive growth. However, it’s worth noting that other fintech companies, such as Block, have also announced layoffs recently. Paysme, a UK-based super app, has also reportedly announced plans to shutter operations and lay off its entire staff.
Key Takeaways:
- PayPal is laying off around 2,500 employees, constituting 9% of its workforce.
- Employees received no advance notice and were locked out of their accounts immediately.
- High-performing individuals were also affected by the layoffs.
- Other fintech companies, including Block and Paysme, have also announced layoffs recently.
