PayPal Holdings, a payments company, is considering laying off 2,500 employees worldwide in 2024, or 9% of its total staff. CEO Alex Chriss disclosed the proposal in a letter dated January 30.
The CEO and president of PayPal, Alex Chriss, said in a message to staff members that the workers will be impacted by the layoffs “through both direct reductions and the elimination of open roles over the course of the year.”
According to a Bloomberg article, United Parcel Service Inc. (UPS) also declared the termination of 12,000 employees. In an effort to counteract lackluster demand and rising union labor expenses, UPS CEO Carol Tomé has looked into selling its Coyote truck brokerage company.
During a corporate earnings call, CEO Carole Tomé of the Atlanta-based company stated that the employment decrease is a part of an attempt to align resources in 2024 and will save the company approximately $1 billion.
Meanwhile, a report by Axios informed that the Wall Street Journal is reorganizing its Washington bureau this week, which may lead to a few layoffs.
According to the sources, the revisions will involve some new responsibilities in addition to a limited number of layoffs.
As part of the restructuring, certain economics coverage currently centered in Washington will now be in New York. A portion of those losing their employment will have the opportunity to apply for other positions.
