PayPal will cut 9% of its global workforce, or about 2,500 jobs, CEO Alex Chriss wrote Tuesday in an internal letter to employees, which was viewed by CNBC.

The cuts will affect both existing roles and job listings that PayPal had planned to hire for, and will take place over the course of the year, Chriss wrote. Affected employees will be notified by the end of the week.

“Across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication,” Chriss wrote in the memo, adding that PayPal will “continue to invest in areas of the business we believe will create and accelerate growth.”

Last week, PayPal announced a push into artificial intelligence features. It marked the first major announcement under Chriss, who joined as CEO in September from Intuit, the financial tech company behind TurboTax. The AI features include a faster checkout experience, AI-powered merchant recommendations for customers and a consumer app overhaul. Chriss called it the beginning of PayPal’s “next chapter.”

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