Thread regarding PayPal layoffs

@p1 Code quality vs. cost at least for a few more years. Companies are realizing what they’re spending on tokens alone and … the math doesn’t math. It’s an open and dirty secret that this sh-t is NOT paying for itself but no one can report that out to shareholders.

@he lol you think AI is going to cool off?

Interesting to see how the pendulum has swung. Just a few years back demand for engineers were sky high, companies were climbing over each other trying to attract talent. Now, companies can’t get rid of them fast enough. It’s just a matter of time when it swings back, when AI cools off and reality sets in. But rebuilding this loss talent will be difficult, with visa costs and restrictions and dwindling pipeline for new engineers scared by AI, these companies will once again be climbing over each other trying to win talent at twice the cost.

@gy No, it's not. Even though you're right about the notice period, things are handled differently in Ireland these days: there's a four-week consultation period, two weeks of which are garden leave. Employees no longer work their actual notice period; instead, they receive additional pay in lieu of notice. I know this for a fact, as some of my former colleagues have been treated that way. PP wants to get rid of its employees being made redundant as quickly as possible.

@gg $400M / yr savings is ridiculously small for the profit and revenue PayPal produces each year. This CEO has no idea what he’s doing. The past 6 months the company has stagnated and this will continue as these layoff threats continue.

PayPal needs a stronger CEO. You’re either the predator or the prey. With PayPal’s strong profit and revenue it should be a predator but it’s acting like the prey.

@fx that's the US, Ireland has employment Law which bring it to 8 weeks. 4 weeks consultation, and then 4 weeks notice period.

During the earnings call he said : "The cost savings plan of 400M / year is well underway". Such a joke, we have yet to see the associated layoffs. If it's taking so long it is probably because things are not going as well as we are lead to believe. Stay strong.

@fp Historically, it's not 60 days, but 30 in total. After announcement, 30 day period starts, of them in the first 2 weeks the names are finalised, and then are sent on a garden leave for another 2 weeks.

@dz oh wow, I had never heard of it being extended to 60 days before. I agree though, something like that wont likely happen this time around. Who knows though. So technically if we were to get notice next week, we have 30 days consultation, then 30 days notice, so not off the books until end of Oct ? Payout sometime in Nov for those chosen ?

Enrique the A--hole has doomed us all with BS rumors about buyouts and cutting costs. The share price is just pinned while the market is ripping. We should be over $70/share and my retirement shouldn’t be gutted.

It was supposed to be next week, but I heard that’s getting pushed out. The Stripe negotiations might have something to do with it.

sad to see company dissected piece by piece and instead of growing and building a company it is getting dismantaled and all the resources thrown away for short term bump to stock price

@dp in EMEA (well Ireland for sure) there has to be a minimum of 30 days consultation period followed by a minimum 30 days notice of termination. My team was impacted before and the consultation period was extended to 60 days so it was actually a good 3 months before anyone officially left, although the notice period was given as garden leave. I think this time round though the consultation period will just be a formality and won't be longer than it has to be.

@dk what org?

Try to focus on the facts as there are just too many rumors. CEO said, "we should start to see the benefits of the changes we are making in Q4 "- (Oct,Nov,Dec). Mid August he said layoffs will begin "over the coming weeks". It could literally be any time between now and the end of September(Q3). In EMEA they have to give 30 days notice which means if we are to be gone by the end of Q3, we will likely get our 30 days notice in the next 10 days . In NA, as you dont need to give notice, it could be anytime until end of Q3. Lots of people throwing around dates but its all speculation.

@OP They have to do something before Q3 end. They can't have another earnings call where they just say blabla, we will..blabla....all great.....AI....

our entire org is under the impression that it is this Monday, has to be done before the board meeting

@d9 there isn't a reason for them to do this

I wish these D bags would announce a layoff or sale of the company. Something. Everyone is just miserable at this place.

pp is not giving VEP as an option. I tried.

J@d6 what was the volunteer exit plan? Was there severance? I think they want everyone on a voluntary exit plan so they don’t have to pay, hence why they have been dragging it out and torturing employees.

Is everyone thinking that the layoffs aren't happening anymore?

Enrique did say it was happening this month. Other chats here say VPs have confirmed this month.

So question for everyone, is it not happening this month or is? I actually tried volunteering for the layoff and HR said I couldn't. I heard multiple people on my team volunteer as well and PP wasn't giving voluntary exit plans (VEP).

No layoffs, no buyout, it’s just boring around this place waiting for your career to be over.

@ce Sometimes when I have to do peer review, when I ask the person about their work, they don't even know the answer. Because AI did it. And there are mistakes. So if this causes a PayPal incident who can fix it if nobody knows what happened or what's going on? It's crazy.

The end of month will come and go and then it will be “just a few more weeks away”. This management team is pathetic and the stock price reflects them.

@c9 lol, I can tell you that PP will have massive issues with the EU regulations, as the AI is total rubbish. Even the basic AML is failing....the EU has a law in place from 28/08 that a person is responsible for what AI does, you can't blame the AI.

@a8 even the people who are forced to stay will be demotivated and put the minimal effort in they can get away with....

AI will layoff about 70% over the next 3 years. It’s built into Finance forecasts.

@a5 that vastly depends on the region and local law.

Horrible environment to work in thinking the noose is around your neck for the next year. How is this person still the CEO? Quality and morale will just continue to suffer with no end in sight for layoffs

10 week minimum. 2 weeks severance per year up to a max 26 weeks

Just FYI it’s a certainty that it will be phased layouts through 2026 to at least 2027. This is based on publicly available information as well as, well, just how it works in the wonderful world of corporate America.

tbh i don’t think anyone knows so I'm just going in with the mindset that it is going to be 8/31. It'll stop me from being hopeful that they'll finally let the cat out of the bag. Anything earlier would delight me haha. I can see them doing multiple rounds of layoffs, but I can only imagine how terrible of a working environment that would be. Endless stressing about if you are next and not being able to make major life decisions due to it.

that being said: how much are we betting we don't hear anything by the end of august at all and it becomes a september problem?