PayPal is to reduce its workforce by around 9% as the firm grapples with rising competition and financial pressures, while Google has told staff to expect more job cuts, somewhat ironically due to the adoption of artificial intelligence to lighten workloads.
The scale of Google’s latest staff cuts is unknown – the firm axed 12,000 jobs last year – but PayPal’s downsizing is expected to impact around 2,500 employees.
January has seen over 43,000 tech jobs go in the highest round of redundancies since more than 56,000 employees were dismissed in May 2023.
On average, 1,174 tech industry workers were let go every day in 2023. January 2024 has seen that figure rise to 1,389 per day.
