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smokedroaches t1_j6og2au wrote

How does Paypal even have 28,000 employees in the first place? What do they all do? That seems like an outrageous number for a company with no physical product or meaningful customer service.

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kamikazektard t1_j6oh149 wrote

Figuratively speaking, something something rusty spike

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code_archeologist t1_j6oh73d wrote

Not particularly surprising. They over hired during the pandemic because of the spike in online sales.

If NCR or Square announce layoffs, then I will become concerned.

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pegothejerk t1_j6ohnd2 wrote

Replying to barrinmw (#1,677,104)

I just assume it takes that many people to figure out how each reported case will best make profits for PayPal, regardless of the guilt or illegality of the person being accused or doing the reporting.

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Oriumpor t1_j6oj4v0 wrote

So many tech workers with nothing better to do than get services for free.

I look forward to the coming surge in piracy. Maybe it'll help pressure Netflix et al not to fuck us so hard.

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biowiz t1_j6onbku wrote

I like how people assume that only the typical “tech worker” gets fired during these layoffs. These companies hired a bunch of different types of workers during the pandemic online sales boom and now they’re likely readjusting back to “normal” along with safeguarding themselves over recession concerns. It’s not just the software engineers being cut, it’s also a bunch of HR, finance, CS reps, etc. But anytime you hear about a tech company doing layoffs there’s some narrative about tech in decline or something similar for whatever reason, while completely ignoring the unprecedented COVID “boom” for some of these companies that no longer exists now.

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Southernerd t1_j6oofca wrote

Weird business model. Like having a guy standing between you and the cash register so you don't hand them the money directly.

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MetaTrombonist t1_j6opt9w wrote

Paypal is one of those companies that the world would be better off if it didn't exist. Like Ticketmaster or Palantir.

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MothershipBells t1_j6oq0i6 wrote

I accidentally divulged my PayPal login to a hacker after receiving a phishing email. [Edited to add that this was before I had 2FA and learned to check the actual email address of the sender]. I reported it to the company, and they refused to help. I can’t log in to my account anymore, so it’s sitting dormant. I wonder how many others are in this boat.

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thetasigma_1355 t1_j6osd5s wrote

Replying to smokedroaches (#1,678,524)

As an international company doing financial transactions you typically need expertise in every single country you operate in as you need to be compliant with the laws and regulations in every single country you operate in. You can get in to a ton of problems if you don’t have effective AML and KYC compliance programs.

Some countries (China) often require on-soil infrastructure as well.

It’s really hard to appreciate the complexity of international business until you’ve had to deal with it. Customer service is a tiny segment of their business. Mountains of lawyers and compliance professionals are what drive the employee count.

They also certainly have numerous product teams developing different tools for different types of customers. Things like Open Banking are becoming much larger and more prevalent.

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Worthyness t1_j6osjfz wrote

Replying to Southernerd (#1,679,913)

They were pretty far ahead of their time with peer to peer payments, especially in the US. Made it also a lot easier for people to exchange cash for goods in the eBay type e-commerce space. Not a lot of companies had those abilities. Hell the fucking banks in the US didn't want to start direct ach payments until Zelle became a thing. They've since expanded their services to a couple different arms in tech.

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Hishui92 t1_j6oujkt wrote

How many layoffs could they avoid by slashing the CEO and top executive salary by 33%?

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Jeepercreeper9191 t1_j6ov6cc wrote

>PayPal stock closed up 2% Tuesday.

BUT THINK OF THE STOCKHOLDERS

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JRYUART t1_j6ov6po wrote

PayPal is crap. My eBay account was hacked and bc my PayPal was linked to it , both accounts got suspended. Whereas I was able to resolve the issue with eBay and have my account reinstated , PayPal wouldn’t budge. I even had supervisor level customer service managers from both companies on a conference call so that eBay could corroborate my case. Even after the case manager on PayPal side said that they had all the evidence they needed, they still permanently suspended my account. Even worse, I had a balance in that account and Paypal makes you wait 180 days before you can even apply to withdraw it. Lastly, I have zero ways to be able to fully close my paypal account and unlink my banking info, despite writing them multiple times. Terrible company, I hope the affected workers find new jobs somewhere much better.

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DRUKSTOP t1_j6ow9b0 wrote

Replying to Hishui92 (#1,682,236)

Not that many.

If we do some SUPER conservative math at 2k workers at an average salary of 70k (not to mention taxes, healthcare and other expenses) that would be 140m saved.

The CEO made 23m in compensation last year. 33% of 23m is 7.6m.

7.6m/70k=110 employees.

Again, probably saves even less employees as they are probably making more money and the other costs associated with having an employee on payroll.

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thrillcosbey t1_j6owbgx wrote

how many people do they need at Pay pal to loose its clients money?

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ToxicAdamm t1_j6oxr1p wrote

Replying to thetasigma_1355 (#1,681,423)

> Mountains of lawyers and compliance professionals are what drive the employee count.

You would think you could just contract that out, but maybe there are government rules against that type of thing.

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thetasigma_1355 t1_j6ozxig wrote

Replying to ToxicAdamm (#1,683,502)

Contracting out a mountain of lawyers is a terrible value proposition. They charge hundreds an hour and you need hundreds of them at 40-50 hours a week year round. Much cheaper (and effective) to have your own legal dept.

Compliance can be a mixed bag but generally it’s much cheaper to create your own programs. And as you said, certain compliance functions will be required to be in-house. Depending on the industry, you also have to consider the types of data you’ll be exchanging. Financial data is highly sensitive so you can’t just offshore resources in Vietnam or somewhere else in SE Asia.

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pm_me_ur_pharah t1_j6p2g1u wrote

Replying to biowiz (#1,679,513)

Because these people are bitter their job sucks and wants tech to fail and try to twist the narrative to be as negative as possible for tech whenever they can.

These are the same people that think everyone at these companies does nothing but goof off all day with massages and coffee etc, but somehow these companies are also making money hand over fist.

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biowiz t1_j6p3xv4 wrote

Replying to pm_me_ur_pharah (#1,685,283)

I think a lot of people here are either really young or haven’t worked a corporate job so they don’t realize companies have several departments that offer different roles. It’s like people who think GM only hires people who design and build cars when they have an entire IT department of their own. People on Reddit just generalize based on the industry the company is centered around because the average person here has no clue what they’re talking about.

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SuperUai t1_j6p4sbw wrote

That is a scam, all big techs lay off are scams to reduce the salary of the category. That should be illegal.

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cedarapple t1_j6p8bnz wrote

Replying to pm_me_ur_pharah (#1,685,283)

The problem is that a lot of these "tech" companies are not making much (if any) money at all, particularly those companies that went public in the last couple of years. Many tech companies are wildly overvalued (i.e., Salesforce at a P/E of 600). Now that the cheap funding is gone they have to reverse the massive hiring spree that they went on if they want to survive and there's plenty of deadwood to cut.

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shudnap t1_j6p9at5 wrote

Replying to biowiz (#1,685,896)

You are correct, probably all departments get trimmed proportionally to their structured plan. It is to be said though that engineers probably get the highest salaries, this side of execs.

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Coulrophiliac444 t1_j6p9z1i wrote

Wonder if this is at all related to Twatter's CEO openong his mouth about implementing Paypal-esque transactions on their platform.

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reaverdude t1_j6pfkqz wrote

Replying to biowiz (#1,679,513)

People on reddit are idiots. The first to actually go at pretty much every tech company are recruiters. This makes sense because why have recruiters on the payroll when you aren't even hiring.

Second to go are low performers, people that aren't well liked for whatever reason and usually sales/events types of employees. A lot of the tech companies with previously progressive cultures then get rid of all the non-sense positions that were created when times were good like "Vibe Manager" and "Head of People". Then everywhere else like you mentioned in other departments like IT, Legal, Finance, HR etc.

Software and hardware engineers are actually the last on the chopping block because they are the ones who actually make the products that generate revenue and they are easily head hunted to other companies so retaining them is of upmost importance to many companies.

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WritingTheRongs t1_j6pjjck wrote

Replying to smokedroaches (#1,676,918)

Yeah it's hard to picture these big multinational companies with the tens of thousands of employees. In my naive brain, Paypal just runs on a bunch of virtual servers without intervention. Some of their processes require duplication in each country I'm guessing. Duplicate IT teams, devs, customer service, etc. Then you accrete employees. HR, secretaries, office staff, janitorial? idk i still can't picture 28k people

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