Alex Chriss, the CEO of payment company Paypal, announced to the staff on Tuesday that an additional 9% of the workforce, approximately 2,500 positions, will be cut. The development follows PayPal’s decision to reduce its headcount by around 2,000 in January of the previous year. In a letter, the newly appointed CEO explained that the company’s decision to cut its workforce, including direct cuts and the elimination of open roles, is part of an effort to “right-size” the organization. Affected staff members are expected to be informed by the end of the week. In November, Chriss outlined his strategy to steer the company towards more profitable growth by simplifying operations and implementing stricter cost control measures.
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