- CEO Alex Chriss has vowed to improve operating leverage
- Latest round of cuts will affect about 9% of the workforce
PayPal Holdings Inc. will reduce its workforce by about 9% as Chief Executive Officer Alex Chriss, who took over in September, grapples with rising competition, profit pressures and a raft of analyst downgrades.
In a letter to staff on Tuesday, Chriss said the decision was made to “right-size” the company through both direct cuts and the elimination of open roles throughout the year. Affected staff will be notified by the end of the week, according to the letter, which was seen by Bloomberg News.
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