'PayPal begins plan to cut jobs to reduce costs' - News

1/31/2024, 9:10:30 AM

Highlights: PayPal begins plan to cut jobs to reduce costs. The cuts will affect 9% of the workforce. CEO Alex Chriss defined the company's costs as "too high" and capable of "slowing it down" "At the same time - added Chriss - we will continue to invest in business areas that we believe can create and accelerate growth", said Chriss in a letter to employees seen by Bloomberg. The reductions follow the words of PayPal's CEO last November, who said costs were too high and needed to be cut.

PayPal begins workforce cut plan to reduce costs. (HANDLE)

PayPal launches workforce reduction plan to reduce costs.

TheInformation reports this, citing some sources, according to whom the reductions follow the words of PayPal CEO Alex Chriss who, last November, defined the company's costs as "too high" and capable of "slowing it down".

The cuts will affect 9% of the workforce and will allow the company to "move at the speed necessary" to satisfy customers and push growth, CEO Alex Chriss said in a letter to employees seen by Bloomberg.

"At the same time - added Chriss - we will continue to invest in business areas that we believe can create and accelerate growth".