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.