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PayPal Begins Cutting Staff as Its Push to Reduce Costs Ramps Up

  • Payments firm laid off dozens of staff from Arizona to Chicago
  • Spending on PayPal’s platforms lost steam as pandemic eased
    

    

Photographer: David Paul Morris/Bloomberg

PayPal Holdings Inc. began laying off staffers who worked in risk management and operations this week as the firm seeks to shore up profits after growth in spending on its platform stagnated in recent quarters.

The company laid off dozens of staffers who worked in Chicago, Omaha, Nebraska and Chandler, Arizona, according to people familiar with the matter, who asked not to be identified discussing private information. PayPal this month also announced plans to permanently lay off more than 80 people in its headquarters in San Jose, California, according to filings with that state.