PayPal has announced it will cut 9% of its global workforce, which equates to around 2,500 jobs.

The fintech company made a similar move just last year almost to the day, laying off 2,000 people as part of Big Tech’s tirade of job cuts in 2023.

In a statement, PayPal president and CEO Alex Chriss informed his team that the cuts will be made “through both direct reductions and the elimination of open roles,” in an effort to “right-size our business.”

The CEO also said that PayPal needed to be more efficient, and should aim to “deploy automation, and consolidate our technology to reduce complexity and duplication.”

Chriss, formerly of Intuit, was brought into PayPal last year, hoping to turn the company around after the company’s share price fell by over 20% in the year prior to his appointment.

Other executive changes were made – Archie Deskus became CTO after serving as CIO, and Jamie Miller was appointed CFO.

PayPal’s November earnings exceeded the expectations of analysts, pointing to a turn around for the company.

The digital payments company, despite taking over competitors such as Venmo, is being challenged by Apple, Stripe, Zelle, and Block.

It is currently uncertain if the same trend of major tech layoffs will continue as they had the year before.

Last year, over 260,000 jobs were lost in the tech sector, according to Layoffs.fyi.

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2024 has already seen around 25,000 tech layoffs from almost 100 companies, including Microsoft, Google, Meta, Amazon, Salesforce, and TikTok.

Tech layoffs last year were due to a number of reasons, with many pointing to overzealous hiring during the pandemic, a shift to focusing on AI and cutting expenses, and a trend of lessening junior staff.

In his letter to staff, Chriss made no specific reference to why layoffs would occur. Affected staff should be notified by the end of the week.