PayPal to Cut 9% of Staff in Companywide Layoffs

PayPal is laying off 9% of its staff, the company told employees in an email on Tuesday, as a newly appointed CEO looks to cut costs and improve profits.

PayPal’s human resources team told staffers the layoffs were part of a cost-reduction effort, according to an employee who was in the meeting. The layoffs affected people across multiple teams, including engineering and research and development, according to LinkedIn posts from employees who were laid off. PayPal last January cut about 2,000 employees out of a total then of just below 30,000.