Posted on 01/31/2024 6:44:13 AM PST by Vigilanteman
The payment company's CEO Alex Chriss told staff on Tuesday that another 9% of the workforce — about 2,500 positions — will be slashed. The news comes after PayPal said it would reduce its headcount by about 2,000 in January last year.
"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 a memo. "At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth."
The cuts will come from current positions as well as scrapping open and future job listings in 2024, Chriss said. The stock has dropped more than 20% in the last year.
(Excerpt) Read more at msn.com ...
Then they decided to get into the business of politics and censorship.
Now, they offer only convenience. They rip you off with their bad exchange rates and outbound fees. Then they skim off additional fees for the person getting the money.
But they won't get out of the business of politics and censorship. I have a tiny account only because some of my customers insist on the convenience thing, but I have to make them share a portion of the fees.
Zelle or Venmo offer far better values for domestic remittances, Remitly for international remittances.
Can they just end it? I hate PayPal. Every time I have to use it (some vendor only takes it) it takes me an hour and is a complete nightmare. Worst pay app ever.
PayPal WAS a good idea at one time, good riddance to bad management
Eventually, Elon Musk will buy it back for pennies on the dollar and make it profitable again.
I don’t care if it’s profitable. It’s unusable. And annoying. I want it to die. Then no more vendors will use it.
It is about the only way you can shop on Ebay. I have never had a problem with them and they have made good on a couple of bogus sellers over the years. Why on earth a business, IN business to make money, gets into politics is a mystery to me.
And the ADP numbers came in pretty light today. And they did not include the 15,000 UPS and PP jobs cut in the last two days.
This stuff is gonna leave a mark.
This is why the SOBs claim that the economy is great. The companies shed employees and that is awesome for the bottom line. I say most Americans don’t have huge investments in stock and are suffering horribly under this regime in the build back to excrement era.
HA!
Pay Pal is run by woke DEI a-holes, f them.
“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. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth.”
— PayPal CEO Alex Chriss
“If we are to remain competitive, we must proactively enhance
quality assurance on all actionable items. We must prioritize
our breakthrough mission excellence objectives and keep searching
for superiority in the quality chaos.”
— meaningless corporate gobbledegook, mostly from ‘Dilbert’
What corporation isn’t these days?
When EBAY first started it was the ONLY way you could buy and sell and get paid.
It enabled individuals to sell something across the country or to Canada to another individual and GET PAID.
Now, a lot of the things on EBAY are from businesses that use that as a way of advertising their products. As long as those companies are legitimate businesses in the USA that also SHIP from the USA you can usually feel safe giving them your AMX card number.
I bought and SOLD a car on EBAY. Neither one of us were dealers. I have bought Silver Eagles on EBAY. I sold my GI Joe jeep on EBAY.
My brother once worked for a company that made wheels for all sorts of vehicles large and small. One day a middle management geek fresh out of college proclaimed that the company would make more money if they stopped making wheels and just did government research and applied for government grants. My brother was wise enough to leave not long after.
I am a seller on eBay. eBays payment system never gives me a buyers card information. Just says a buyer paid and the money is in my eBay account. It’s very rare anyone uses PayPal anymore
I’m sorry. You are correct. I sold something on EBAY last year and had to set up an account with my bank info. They said I would receive a 1099 form because it was over $600.
Maybe they should fire everyone who wrong-sized it.
Looks like AI does more than it is "just programmed" to do, eh? Otherwise, Paypal could have used "just programming" to eliminate jobs years ago.
As an aside, the above is not a comment on the efficacy of Paypal as a successful business model.
Nothing mentioned of DEI or global warming?
I tend to agree. For a long time, I had a Paypal account but probably never did more than $1,500 of business yearly. After they went and got political...I went to an alternate method, and six months later...just shut down my account. I would imagine they’ve lost a quarter of their business.
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