JAKARTA - After several reports emerged about PayPal being laid off, PayPal President & CEO Alex Chriss finally confirmed the truth of the news through a letter posted on the company's official blog.
In a statement, Alex said that the company had laid off 9 percent of its employees, to adjust business sizes and encourage their business growth.
"Today, I'm writing to deliver the difficult news that we're going to reduce global workforce by about 9% through direct reduction and removal of open roles so far this year," wrote Alex, quoted Wednesday, January 31.
Furthermore, Alex also said, "We are doing this to adjust our business size, allowing us to move at the pace needed to meet customer needs and encourage profitable growth."
However, PayPal admits that it will continue to invest in the business sector which they believe will create and accelerate growth.
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"Over the next year, we will work together to maximize our reach, scale and resources, so that we can have a greater impact on the customers we serve," he concluded.
PayPal has grown over the years by acquiring fintechs such as Venmo, Xoom, and Honey. In December, Amazon removed Venmo as a payment option.
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