JANUARY 30, 2024 — 2,500 EMPLOYEES TARGETED
Newly appointed (September 2023) CEO Alex Chriss announced there will be a 9% reduction in about 2,500 employees in PayPal’s workforce.
Team,
In our last Global All Hands, I shared that to build a growth organization and unlock our true potential, we need to be honest about how we can improve. During the last few months, I have spent as much time as possible with as many of you as possible to learn about our company's great strengths, as well as where we need to move faster, where we need to change, and what we need to do to instill a culture of innovation that returns our company to the true position of strength it deserves.
While I have been encouraged by the innovation our team is delivering, we must execute faster and ensure we are focused on solving our customers' most critical needs and problems. Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication. We have started on that journey, but there is a lot of work to do – and 2024 marks a year of change, including some difficult but necessary decisions to get us to where we need to go.
Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 9% through both direct reductions and the elimination of open roles over the course of the year. We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth.
If your role is included in this workforce reduction, you will be notified between today and the end of the week. These decisions were not easy to make, and we are undertaking these actions with tremendous care and consideration. All decisions are subject to consultation, where required by law. True to our values, we will support our employees' transitions with the utmost respect, support, and compassion.
PayPal has significant potential to create substantial value for our employees, our customers, and shareholders. Over the next year, we will work together to maximize our reach, scale, and resources, so that we can have an even greater impact for the customers we serve.
I am confident that our PayPal community will come through this period even stronger, and I am optimistic about the future we will create together.
Alex
JANUARY 31, 2023 — 2,000 LAYOFFS
The company has announced plans to lay off 2,000 employees, or around 7% of its workforce.
President and CEO Dan Schulman…
Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers’ needs. While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do. We must continue to change as our world, our customers, and our competitive landscape evolve.
Addressing these changes requires us to make hard decisions that will impact some of our colleagues. Today, I’m writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full time employees, which is about 7% of our total workforce. These reductions will occur over the coming weeks, with some organizations impacted more than others. We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions. I want to express my personal appreciation for the meaningful contributions they have made to PayPal.
Change can be difficult – particularly when it includes valued colleagues and friends departing. We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers.
Over the next days and weeks, your leaders will share the specific impacts within your business units and teams. Our leadership team will communicate regularly and openly. This will be a challenging period for our community, but I am confident we will come through it together with compassion for each other, our values at the fore, and a shared commitment to the future of PayPal.
Dan
MAY 25, 2022 — 83 EMPLOYEES IN SAN JOSE, CALIFORNIA
The company announced the layoff of 83 employees, mostly engineers, managers, and directors who are based in its San Jose, California headquarters.
The company is also planning to shut down its San Francisco office in the near future. Look for more layoffs as cost-cutting continues.
According to a company spokesperson, “PayPal is constantly evaluating how we work to ensure we are prepared to meet the needs of our customers and operate with the best structure and processes. PayPal remains fully committed to the Bay Area and to California and we will continue to invest in our business and people working within the state.”
APRIL 27, 2022 — SAN FRANCISCO OFFICE CLOSING
It appears that the company will be closing its downtown San Francisco. That location also houses the company’s international digital money transfer service Xoom.
The company has not provided a headcount of impacted employees, but employees will be provided with the option to work virtually from the San Jose headquarters office.
According to a company spokesperson…
“At PayPal, we are continually looking at and evolving how we can work in the most collaborative and efficient ways possible, and we routinely evaluate our global office footprint and spaces to ensure that our company and our employees are best set up for success. The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility. PayPal remains fully committed to the Bay Area and to California and we will continue to hire into and invest in our business and people working within the state.”
The closure is said to be part of a review of the company’s global footprint. What is going unmentioned are the high housing and living expenses, increasing crime rate, and the recently enacted Proposition C, which levies a “homeless” tax upon any San Francisco business that earns more than $50 million in gross receipts.
APRIL 5, 2019 — Original post…
San Jose, California-based PayPal Holdings, the iconic worldwide online electronic payments system, has announced a restructuring effort that will result in the loss of 183 employees in California. 160 employees at their San Jose, California headquarters and an additional 23 employees in their San Francisco, California offices.
According to a company spokesperson, "From time to time, PayPal conducts small-scale restructuring efforts to align teams to support key business priorities. These decisions are part of the company’s efforts to continually enhance the way we operate."
In Maryland, an estimated 380 employees will be laid off as PayPal closes their two Hunt Valley, Maryland Global Operations facilities and outsources servicing and collections to Synchrony Bank. PayPal transferred its consumer credit operations to Synchrony in a deal where Synchrony acquired PayPal’s $7.6 billion receivables portfolio.
According to a company spokesperson, “We value the work of our Hunt Valley teammates and are making every effort to identify new opportunities for them both inside and outside of PayPal. We are fully committed to helping employees transition to the next steps in their careers. For those whose roles will be eliminated, we are providing comprehensive separation packages, career outplacement services, and employee assistance programs.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
