PayPal Begins Layoffs, Plans to Shut Down San Francisco Office
PayPal has reportedly started laying off employees this week from its offices in Chicago, Omaha, Nebraska and Chandler, Arizona, in an effort to reduce its spending. The financial technology company is also planning to shut down its San Francisco office, but will not freeze its hiring, according to TechCrunch.
83 workers at PayPal were impacted by the latest decision. Last month the company also announced plans to close its office in San Francisco. A spokesperson from the company told TechCrunch that PayPal is “constantly evaluating how we work to ensure we are prepared to meet the needs of our customers and operate with the best structure and processes to support our strategic business priorities as we continue to grow and evolve.”
As a result, the company is looking to cut back on its spending. PayPal’s spending has increased by a measly 15% in the 1st quarter to B$ 323 , marking the smallest increase in the past 5 years for the company.
