After Brex’s unceremonious dispatch of its employees last week, another fintech appears to have followed suit. This time it’s industry stalwart PayPal, which will be laying off around 2,500 people, 9% of the business, according to Bloomberg.
Comments from PayPal employees on social media suggest they didn’t see this coming. Localization program manager Linh Nguyen said employees received “no advance notice, just a meeting invite received on the morning of the reaping.” Accounts were then “locked, no longer accessible.”
High performers were affected. Software engineer Holly Ritchko says she was “a repeat top performer” and referred to as a “key talent:” She too was affected by the layoffs.
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One of the most senior people affected was Troy Giles, director of organizational strategy, working under CTO Archie Deskus. Leaving after 12 years at the fintech, he said, “Every fall is an opportunity to rise. Every success is a reflection.”
Other fintechs are looking to capitalize on the talent available. Ex PayPal VP Anupam Pahuja, called its employees “some of the smartest and most dedicated people I have ever worked with”, and encouraged them to apply at Singaporean payments firm Nium, where he has been an executive vice president since April.
PayPal has been making big changes since the appointment of new CEO Alex Chriss in September. In a letter to staff, he says PayPal are “doing this to right-size our business” and will “continue to invest in areas of the business we believe will create and accelerate growth.”
The layoffs aren’t limited to PayPal either, Jack Dorsey’s fintech conglomerate Block announced layoffs of up to 10%. Paysme, the UK based super app which announced its plans to shutter operations today is presumably laying off all its staff.
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