PayPal to cut 9% of its workforce in latest round of tech layoffs
SAN FRANCISCO — PayPal announced it would be cutting about 9% of its workforce, which will affect hundreds of workers in San Jose.
In the announcement by President and CEO Alex Chriss, he cited the need to "right-size" the business and "move with the speed needed to deliver for our customers and drive profitable growth."
Chriss also wrote that the company would move to invest in areas they believe will grow the company.
The move will affect 311 workers in San Jose, a spokesperson with the company said. The job cuts will be from active employees, who will be notified by the end of the week, and open positions removed throughout the year, according to the announcement.
The layoffs at PayPal are the latest in the tech industry. EBay recently announced layoffs, and the two companies citied similar reasons for the move.
Tech Layoffs
On Jan. 23, eBay announced it would be removing about 9% of its workforce, around 1,000 employees.
"While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business," CEO Jamie Lannone said.
He explained the layoffs as being made to "better position eBay for long-term, sustainable growth.