US payment system PayPal has announced its plans to improve efficiency, increase automation, and consolidate technology in order to strengthen and grow the company.
PayPal CEO Alex Chriss emphasized the importance of the company's goals to invest in areas that drive growth while streamlining operations to improve the client experience.
In his message, Chriss said that to achieve these goals, PayPal will need to reduce its global workforce by 9% through direct layoffs and the elimination of open positions.
The layoffs will affect about 2,500 of the company's employees, allowing PayPal to balance its workforce and control declining profits.
"We're doing this to right-size our business so we can move at the speed needed to serve our clients and drive revenue growth," said PayPal's CEO.
Employees affected by the layoffs will be notified by the end of the week, the company said in a statement.
PayPal is looking to keep pace in a rapidly changing global financial marketplace and keep its revenue growth strategy competitive.
"We've started down this path, but there's still a lot of work to be done, and 2024 will be a year of change, including some difficult but necessary decisions that will get us there," said Alex Chriss.
"I am optimistic about the future we will create," he added.
It is worth noting that the company will also cut 2,000 of its employees in 2023.
Read also: Transak and Visa announce partnership to expand conversion capabilities
