PayPal to cut 2,500 global jobs in second wave of layoffs

News is further evidence the global tech industry layoffs far from being at an end.

PayPal will reduce its global workforce by about 9% this year as chief executive Alex Chriss, who took over in September, grapples with rising competition, profit pressures and a raft of analyst downgrades. Picture: Justin Sullivan/Getty Images

PayPal will reduce its global workforce by about 9% this year as chief executive 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, Mr 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.