The tech and fintech sectors are facing a surge in layoffs, with PayPal, Block, and UPS among the major companies announcing significant workforce reductions. PayPal is cutting about 9% of its workforce, which translates to approximately 2,500 jobs, while Jack Dorsey's Block aims to cap its workforce at 12,000 employees by the end of the year, resulting in nearly 1,000 layoffs. UPS is also reducing its workforce by 12,000 positions. These layoffs are part of a broader industry trend that has seen layoffs double in 2023, with 25,000 tech layoffs reported in January 2024 alone. The cutbacks are driven by a push for greater efficiency and cost-cutting measures, as well as an industry shift towards AI and automation.
Financial payment processing firm @blocks, co-founded by Twitter creator @jack Dorsey, has reportedly laid off more than 1,000 staff members. For details 👇 https://t.co/GKk4Sk1msi https://t.co/T3dUoUQsMo
🆕✂️ The new year has begun on a sombre note for employees of large and well-capitalised startups as companies like #Swiggy, Flipkart, and #Paytm are laying off a sizable chunk of their teams. The latest layoffs have injected further anxiety into an already terrible job market.
Feels like there’s been a mass layoff in tech everyday since 2024 started. Tough times for a lot of folks :(
#Update: During the first month of 2024, 107 tech companies cut 29,375 jobs. -@Layoffsfyi
Tech layoffs scale to three-quarter high: https://t.co/1KVgq1yPcd by TechCrunch #infosec #cybersecurity #technology #news
Tech layoffs scale to three-quarter high https://t.co/pgHWi2VQF6
Block just laid off 1,000 employees which includes some from the Cash App team. It’s really tough out there. Stay safe gents!
Several hundred more tech layoffs jolt Bay Area as brutal 2024 worsens https://t.co/H5LaU4IbDE
The Layoffs Continue: Cash App laid off 1,000 people, including many PMs and product designers. This continues the FinTech wreck, along with PayPal (2500) and Brex (282) laying off in the past week. https://t.co/WOvTRJVv0N
Cuts at Jack Dorsey’s fin-tech company Block impact 43 workers in Washington state https://t.co/QqPaS2SyVg
$PYPL to lay off 2,500 as competition intensifies https://t.co/2YYarjyPLy
Block latest fintech to cut staff https://t.co/MNfa9cdekf
Google boss addresses concerns of AI replacing advertising staff post layoffs via @nicola_agius https://t.co/WvXWZtUfN6
PayPal, Block, iRobot, and Noom were among the tech companies that are cutting jobs as a grim January comes to an end for the layoff-plagued tech sector. https://t.co/hZHBBn1LKd
Big Technology founder @Kantrowitz discusses layoffs in the tech sector and if AI is to blame. https://t.co/LghFbHmjXJ https://t.co/lABVZ7qCOD
2024 has already seen tons of companies announce major layoffs Any surprises? https://t.co/ywXP0SF3Ci
The company said the layoffs, which comprise 2.4% of its workforce, reflect a changing UPS. https://t.co/dssIkM3HFD
Spate of job cuts continues unabated at Big Tech, media firms The first month of the new year ends with Big Tech and media companies continuing to announce fresh job cuts, a sign that the spate of layoffs seen in 2023 could persist. https://t.co/81jfOWLXpr
#PayPal is laying off thousands of employees: Read CEO’s letter to employees Alex Chriss, president and CEO, PayPal sent a memo to all the employees. https://t.co/mLKcezt4nM https://t.co/m634mlFVil
Block, owned by Twitter founder Jack Dorsey, has laid off large-scale layoffs of more than 1,000 employees. Business Insider reports https://t.co/nD8GxvxmWF
Jack Dorsey's #fintech firm Block lays off nearly 1,000 employees In an earnings call last year, Block had said it would reduce its headcount from 13,000 in Q3 2023 to an "absolute cap" of 12,000 by the end of this year. https://t.co/0dCOcOaYqI
Focused cuts and fewer layers: Tech #layoffs enter a new phase After last year's widespread layoffs, the largest firms -- including #Amazon, #Google and Microsoft -- have in recent weeks made smaller, targeted job trims. https://t.co/31HdfsLg2H
Analysis: tech layoffs in 2024, totaling 25,000 across ~100 companies so far, according to https://t.co/JuGja1vGc0, are more strategic than mass layoffs in 2023 (@mikeisaac / New York Times) https://t.co/dx2heVZbc4 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/JqzD9jKnOl
.@jack's bitcoin and payments firm @blocks, formerly Square Inc., confirmed to CoinDesk that it laid off employees today as part of a previously disclosed plan to cut headcount by as much as 10%. https://t.co/BTtbWNccJy
Companies with layoffs announced over the last 3 months: 1. Twitch: 35% of workforce 2. iRobot: 31% of workforce 3. Hasbro: 20% of workforce 4. Spotify: 17% of workforce 5. Levi's: 15% of workforce 6. Zerox: 15% of workforce 7. Qualtrics: 14% of workforce 8. Wayfair: 13% of…
The tech layoffs continue: Block and PayPal, two financial technology giants with close Bay Area ties, have begun laying off what will eventually include more than 3,000 employees. https://t.co/bZBsZFU8s2
Dear @BLS_gov, since you have trouble finding actual data, we've made it easy for you - here are the layoffs announced in the past few months: 1. Twitch: 35% of workforce 2. Hasbro: 20% of workforce 3. Spotify: 17% of workforce 4. Levi's: 15% of workforce 5. Zerox: 15% of…
Layoffs doubled in 2023 & 2024 is off to a rough start. Bidenomics in progress ⬇️ - PayPal cuts 9% of workforce - UPS cuts +12,000 roles - Microsoft cuts +1,900 roles - Citigroup cuts 20,000 roles - Google cuts +1,000 - Twitch cuts 35% of workforce - Unity Software 25% - Brex… https://t.co/OhgkqdVUIo
Bay Area tech giant PayPal announces massive layoff round, a year after its last https://t.co/ZoCDJgz2S2
🚨 The fintech sector's seat continues to heat up as Block and @PayPal initiated mass layoffs today! Thousands have been cut in the tech industry in during the first four weeks of 2024. Dive into the details here: https://t.co/AJYyJ303e0 #techtrends2024 #techlayoffs #restructure
A hard few days for fintech, with significant layoffs at PayPal, Block & Brex. Wonder who will scoop up the thousands of new employees on the market.
PayPal lays off 2,500 workers one week after CEO announces 'new chapter' https://t.co/1QStDEcDCU
PayPal and Block latest two tech companies to announce layoffs https://t.co/nj2VEZEcEQ
$SQ lays off up to 1000 people will be at 12K people by 2024 end https://t.co/TEw73th1zv
Block becomes the latest fintech to lay off workers https://t.co/ZBmQt2bdiW
Paypal, Block, and UPS have all announced layoffs. Albeit still below levels from late 2022 and early 2023, news stories covering layoffs have hit the highest levels in 9 months. $PYPL $SQ $UPS Read more in tonight's Closer: https://t.co/rKhky7tUPr https://t.co/NReRghAL5d
Jack Dorsey's Block starts cutting jobs under previously disclosed plan - source https://t.co/bp9Hr72m66 https://t.co/wJ7owDk9nC
Block becomes the latest fintech to lay off workers: https://t.co/3h5NZPfYBx by TechCrunch #infosec #cybersecurity #technology #news
25,000 tech layoffs in January. Most since March 2023. But nowhere near January 2023 numbers (~100k). The good news: • 216K new US jobs created in December (nonfarm sectors) • 22K new jobs per month in “professional, scientific, and technical services” gained in 2023 https://t.co/7NH6vE5UNf
Layoff announcements in 2024: Microsoft: 1,900 roles Brex: 20% PayPal: 9% UPS: 12,000 roles Wayfair: 13% Riot Games: 11% Google: 1,000 Duolingo: 10% eBay: 9% Rent the Runway: 10% In 2023, layoffs jumped 98% from 2022. How will you hedge against this as a professional?
Block is reportedly laying off around 1,000 workers https://t.co/Au6GhVOMqN https://t.co/L8mJPe0fhX
Block began cutting jobs as part of the firm’s goal to cap its workforce at 12,000 employees https://t.co/nivnRulOps
$PYPL sheds 2500 employees or 9% of 27K total https://t.co/evpzJ88NlJ
Confirmed, Paypal $PYPL is firing 2,500 people or almost 9% of its global workforce (BBG) Shocking the world https://t.co/8Vaovn3RVd
*PAYPAL TO CUT WORKFORCE BY ABOUT 9%, AFFECTING ROUGHLY 2,500 Hey @BLS_gov looks like the January seasonal adjustments will hit +5 million.
January shaping up to be six digits …and this is just one of many headlines to hit in the last four hours. “PayPal to Cut Around 2,500 Jobs as Rivals Snag Market Share” https://t.co/oMJTk9hiB7
PAYPAL CEO SAID HE WOULD SHOCK THE WORLD THE ONLY PEOPLE HE SHOCKED WAS HIS EMPLOYEES $PYPL https://t.co/j3RcGEAX4a https://t.co/0fKhNFiK4O
Layoff announcements in 2024: - PayPal cuts 9% of workforce (TODAY!) - UPS cuts +12,000 roles (TODAY!) - Microsoft cuts +1,900 roles - Twitch cuts 35% of workforce - Unity Software 25% - Brex 20% - Discord 17% - Wayfair 13% - Riot Games 11% - Duolingo 10% - Rent the…
According to the information, $PYPL has reportedly begun company-wide layoffs Unclear, but they may announce layoffs with earnings to boost EPS https://t.co/pjoPB6QxgI
*PAYPAL TO CUT WORKFORCE BY ABOUT 9%, AFFECTING ROUGHLY 2,500 *DORSEY'S BLOCK LAYS OFF CLOSE TO 1,000 STAFFERS: INSIDER *UPS TO CUT 12,000 POSITIONS FOR $1 BILLION COST REDUCTION: CEO Tough day for layoff announcements.
PAYPAL $PYPL TO CUT WORKFORCE BY ABOUT 9%, AFFECTING ROUGHLY 2,500 - Bloomberg
The market has its head so firmly up its own ass that layoffs are considered bullish because it's a "drive to efficiency". $SQ $PYPL
I swear every Tech Company is laying off 1,000 people this month. Same headline of ___ laying off 1,000 workers over and over again.
now just them Block Reportedly Begins Job Cuts Under Plans to Reduce Headcount by 10% https://t.co/G4a3jhcFVB
$PYPL (+0.75%) plans companywide layoffs just days after their overhyped "Innovation Day" fell flat Was the big plan to layoff employees all along? https://t.co/iA3XzSkNFe
Jack Dorsey's Block lays off 'large number' of staffers, adding to wave of tech industry cuts https://t.co/MmG6vYEC0G
*PAYPAL STARTS COMPANY-WIDE LAYOFFS: INFORMATION maybe their woke (and soon former) employees should not have banned half their user base
$SQ LAYS OFF CLOSE TO 1,000 STAFFERS: INSIDER
$SQ 🔸 Block lays off close to 1,000 employees, Business Insider says https://t.co/ME07DnRNsj
Square $SQ is laying off almost 1,000 employees - Insider
Focused Cuts and Fewer Layers: Tech Layoffs Enter a New Phase https://t.co/uydbG9Zwvu
Companies are cutting staff and focusing on efficiency amid a commitment to do more with less following a year of widespread layoffs. From Amazon to UPS, here’s a look at some of the companies that have announced layoffs this year. https://t.co/eMMu3dPA13 https://t.co/eMMu3dPA13
Latest List of Layoffs Over Last 3 Months: 1. Twitch: 35% of workforce 2. Hasbro: 20% of workforce 3. Spotify: 17% of workforce 4. Levi's: 15% of workforce 5. Zerox: 15% of workforce 6. Qualtrics: 14% of workforce 7. Wayfair: 13% of workforce 8. Duolingo: 10% of workforce 9.…
Good read on the recent rounds of tech layoff announcements: https://t.co/bVLz1dqU0G
Mass layoffs in media, a shift to AI, which in many cases trained off journalists publishings. “Major corporations in the media, retail and technology sectors have conducted mass layoffs to trim costs as they invest in AI, and after bulking up workforces during the pandemic”…
Add it to the recent layoff list: Levi eBay SAP Salesforce Macy's Wayfair Unity Alphabet Microsoft American https://t.co/YcjIqaVnul
For the first time, layoffs are higher than hiring. #earnings #techs