Online payment platform PayPal is planning to cut about 2,500 jobs or 9% of its global workforce in 2024, Reuters reports.

In the letter to staff, newly appointed CEO Chriss said the decision was made to “right-size” the company through both direct cuts and the elimination of open roles throughout the year.

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The staff that will be affected are expected to be notified by the end of the week.

“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth,” Chriss wrote in the letter.

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