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Paypal to lay off 2500 employees; 9% of workforce
Posted on 1/30/24 at 4:05 pm
Posted on 1/30/24 at 4:05 pm
quote:
PayPal is laying off 2,500 employees
LINK
PayPal is laying off nine percent of its workforce, the company’s CEO Alex Chriss told staff in a letter on Tuesday that PayPal made public hours later. The decision will impact about 2,500 employees, who will find out their fate between today and the end of the week, Bloomberg reported earlier. PayPal's layoffs come almost exactly a year after the company fired more than 2,000 workers to keep costs down.
Despite thousands of job cuts in 2023, layoffs at tech companies have continued into 2024. On the same day as PayPal's latest layoffs, Jack Dorsey's Block, the company that owns Cash App, Foundational, and Square, conducted its second round of layoffs in two months, cutting nearly a thousand people. Earlier this month, Google laid off more than a thousand workers in its Assisstant and hardware divisions, with CEO Sundar Pichai warning employees to brace for more cuts through the year. Discord, eBay, Riot Games, TikTok, Microsoft, iRobot, Amazon, Unity, and Duolingo, among others, have collectively cut thousands of jobs in January
PayPal was one of the earliest companies in online payments industry, but in recent years, rivals like Zelle and tech companies with deep pockets like Apple, have entered the space. The competition in the payments industry is putting pressure on PayPal. Bloomberg noted that four analysts have downgraded the company’s stock this month. The company will "continue to invest in areas of the business we believe will create and accelerate growth," Chriss said in the letter.
13
Posted on 1/30/24 at 4:07 pm to member12
My wife worked there for a couple years and said she would never go back to the payroll business.
Posted on 1/30/24 at 4:08 pm to member12
I work a lot of overtime hours and don't rock the boat because I know times are hard, and I enjoy some of my job.
Posted on 1/30/24 at 4:13 pm to Mr Clean
quote:
I work a lot of overtime hours and don't rock the boat because I know times are hard, and I enjoy some of my job.
If you work for paypal, you might want to clean up the resume and get prepared.
Posted on 1/30/24 at 4:34 pm to member12
I’m self employed
Posted on 1/30/24 at 4:37 pm to member12
Gonna fire 2,500 Americans and hire 2,500 Indians for Pennies on the dollar
Posted on 1/30/24 at 4:40 pm to member12
quote:
The competition in the payments industry is putting pressure on PayPal
They took a huge hit when eBay sold them off and took payments in-house that had to be a huge chunk of their business. That and the fact it is considered a form of boomer-pay I am surprised it even exists.
Posted on 1/30/24 at 4:44 pm to Obtuse1
quote:
That and the fact it is considered a form of boomer-pay I am surprised it even exists.
This is such nonsense. PayPal, cash app, Venmo are all identical. How the hell could one be considered old school when it has every single feature the others have.
Posted on 1/30/24 at 4:50 pm to AtlantaLSUfan
When taking in payments for my fantasy leagues, the younger people tend to use venmo over PayPal. Few of the older players use PayPal. May be some legitimacy behind his statement.
I also don't see PayPal being the first to come to mind for a young person when first getting such an app
I also don't see PayPal being the first to come to mind for a young person when first getting such an app
This post was edited on 1/30/24 at 4:59 pm
Posted on 1/30/24 at 4:57 pm to jmorr34
PayPal owns venmo
Posted on 1/30/24 at 4:58 pm to member12
Couldn't happen to a nicer group of bootlickers
Posted on 1/30/24 at 5:02 pm to member12
I'll never pay a vendor with PayPal.
Great system for the vendor, terrible for the purchaser
Great system for the vendor, terrible for the purchaser
Posted on 1/30/24 at 5:07 pm to Big4SALTbro
quote:*Gonna fire 2500 Americans and pay OpenAI 1% of their salary for the business-facing version of ChatGPT, further supporting the exploding wealth of the owner class at the expense of the masses*
Gonna fire 2,500 Americans and hire 2,500 Indians for Pennies on the dollar
Fixed it for you
Posted on 1/30/24 at 5:11 pm to AtlantaLSUfan
quote:
This is such nonsense. PayPal, cash app, Venmo are all identical. How the hell could one be considered old school when it has every single feature the others have.
Not a single one of my associates ~25-32yo have Paypal accounts and look at me like I have three heads when I mention it. I have learned not to even mention it as a possible payment method if someone is under 35.
Posted on 1/30/24 at 5:17 pm to Rize
quote:
My wife worked there for a couple years and said she would never go back to the payroll business.
PayPal has a payroll component? If so, I still wouldn't consider them a payroll company.
Posted on 1/30/24 at 5:18 pm to member12
Good. Anti 2A company needs to die on the pervertible vine.
7-8 years ago they locked my account for buying handgun parts online. I don't know why they let vendors use it for checkout if it violates their TOS. I had $800 stuck in the account for 6 months that they wouldn't let me transfer. When the six months was up they allowed me limited access to transfer the funds out. frick them.
7-8 years ago they locked my account for buying handgun parts online. I don't know why they let vendors use it for checkout if it violates their TOS. I had $800 stuck in the account for 6 months that they wouldn't let me transfer. When the six months was up they allowed me limited access to transfer the funds out. frick them.
This post was edited on 1/30/24 at 5:21 pm
Posted on 1/30/24 at 5:19 pm to nosaj
quote:
PayPal has a payroll component? If so, I still wouldn't consider them a payroll company.
I read it as paychex
Posted on 1/30/24 at 5:45 pm to Rize
PayPal customer service sucks, how do they have 10,000 employees? That’s mind boggling to me
Posted on 1/30/24 at 5:59 pm to AtlantaLSUfan
quote:
How the hell could one be considered old school when it has every single feature the others have.
Exactly, bro. BTW, don't forget to hit me on Hotmail.
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