PayPal to lay off thousands as company CEO wants to spend more on technology, tells investors: First, we will remove …
PayPal is planning to layoff thousands of employees over the next two to three years. According to a report by The Wall Street Journal, PayPal is said to layoff 20% of its staff which amounts to roughly 4,760 positions out of the 23,800 employees. As per the report, the layoffs are part of a sweeping cost-cutting initiative which is aimed at accelerating the company’s adoption of artificial intelligence and streamlining operations. PayPal CEO Enrique Lores, who tool over in March this year after the ouster of Alex Chriss has told the investors that the company has underinvested in its technology platform and has also fallen behind competitors.
He outlined a two-step plan: “First, we will remove duplication and layers from our organizational structure.
