PayPal has begun company-wide layoffs, according to multiple reports, including an article published by The Information.
It is not yet clear how many people will be affected by the job cuts but one source told TechCrunch it was expected to be in the “thousands.”
TechCrunch has reached out to PayPal and will update this story if and when it responds.
Nearly one year ago today, the company had announced plans to lay off 2,000 employees, or about 7% of its workforce.
Over the past few months, PayPal has made a number of changes to its executive team. Alex Chriss joined the company in September as its CEO after spending 19 years at Intuit. Soon after taking the helm, Chriss said he expected “to grow revenue outside of purely transaction-related volume,” as reported by Reuters. In November, Archie Deskus transitioned from serving as the company’s chief information officer to serve as its chief technology officer. Jamie Miller was tapped to serve as its chief financial officer.
PayPal has expanded over the years with its acquisitions of fintech such as Venmo, Xoom and Honey. But it has still struggled to compete with the likes of Apple and Stripe. In December, TechCrunch reported that Amazon was dropping Venmo as a payment option. In October, PayPal was hit with a class action lawsuit by consumers represented by law firm Hagens Berman alleging that the fintech giant’s anti-steering rules stifle competition against lower-cost payment platforms such as Stripe and Shopify.
