PayPal Announces Layoffs as Tech Industry Cutbacks Continue
New York (CNN) — PayPal announced on Tuesday that it will be cutting about 9% of its workforce, adding to a growing list of technology companies that have initiated staff reductions in the first month of the new year.
CEO Alex Chriss stated the need to drive new technologies as the reason for the layoffs. “Specifically, across our organization, we need to drive greater focus and efficiency, implement automation, and consolidate our technology to reduce complexity and duplication,” he wrote in a letter sent to staff.
This follows similar announcements from other tech giants such as eBay, Google, Amazon, and Duolingo.
According to Layoffs.fyi, as of Tuesday afternoon, 98 tech companies have laid off more than 25,000 employees so far in 2024. Last year, there were 262,595 layoffs in more than 1,100 companies, according to the database.