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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 4:37 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 4:58 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 5:18 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 6:17 pm to member12
Good, frick these liberal cocksuckers. Don't forget they lost a ton of their business when they changed their TOS to include fines, as high as $3500 I believe, for any account holder posting what they deemed as unacceptable hate speech. When I received that email from them I shutdown my account that went back to their founding, and I wasn't alone.
Posted on 1/30/24 at 6:24 pm to member12
Is it because I cancelled my account?
Because I did.
Frick Paypal.
Because I did.
Frick Paypal.
Posted on 1/30/24 at 7:50 pm to member12
The fact they employ 10,000 people to do what they do is mind boggling. I'm sure they are woke as can be so it takes 6 to 8 people to do what one person did 25 years ago. Given their politics it doesn't hurt my feelings any.
Posted on 1/30/24 at 8:02 pm to member12
I hope pay pal crashes and burns. I dropped them and use zelle now after their infamous words they were going to fine people and take money from their accounts if they didn’t agree with that person’s viewpoints. Not sure how they’d know unless purchases. And the fact they perpetuate fraud. There’s been some donors making large donations to charities and then a couple months later the donor makes a charge back via pay pal despite their words in writing they were making the donation.
Posted on 1/30/24 at 9:00 pm to member12
PayPal is dead for sure. I use to religiously use it. Not anymore
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