PayPal to Cut 2,500 Jobs Amid Increased Competition

The decision, part of a 'right-sizing' strategy, comes as the company faces growing competition and concerns about its margins.

PayPal plans to cut around 2,500 jobs, or 9% of its global workforce, this year, according to a letter from CEO Alex Chriss.
The decision to 'right-size' the company will be achieved through both direct cuts and the elimination of open roles throughout the year.
Affected staff are expected to be notified by the end of the week.
The move comes amid increased competition from rivals and concerns about PayPal's margins in recent quarters.
Last week, PayPal announced it was launching new artificial intelligence-driven products and a one-click checkout feature.