The world’s largest fund transfer company, PayPal, has recently proclaimed that it will be reducing almost 9 percent of its employees, a move in line with some other tech companies, like Amazon & eBay, that have also reduced their staff in the first month of this year.
According to the CNN Business report, the chief executive officer (CEO) of PayPal, Alex Chriss, has clarified that the redundancies are required to drive the company forward with new technology.
On Tuesday, Alex wrote a letter for his workers to justify his position regarding reduction staff. In his letter, he said, “Precisely, across our company, we need to drive more attention and competence, organize automation, and combine our technology to decrease complication and repetition.”.
Many other tech companies, such as Google, eBay, and Amazon, have also declared their strategies for layoffs due to the macroeconomic situation. In the meantime, another tech company CEO, Sundar Pichai, Google’s CEO, said that this year is warning of further reductions ahead.
Last week, eBay’s representative said it was laying off almost 1,000 workers, or about 9 percent of its staff. Moreover, Amazon is set to cut hundreds of jobs, as well as at Twitch.
In the meantime, Duolingo laid off around 10% of its contractual staff as it moved to rely more deeply on artificial intelligence (AI).
As of Tuesday, 98 tech companies have already laid off over 25,000 workers in 2024 alone, according to Layoffs.fyi. According to the database, in 2023, over 262,595 downsizings were stated in more than 1,100 companies.
