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PayPal is laying off around 2,000 employees, the company announced Tuesday
The cuts account for around 7% of the company’s workforce, and will take place over the next few weeks, CEO Dan Schulman said in a statement.
Schulman emphasized that the company was operating in a “challenging macro-economic environment,” and said that while they had made progress getting their cost structure under control, it had “more work to do.”
The CEO emphasized that departing workers would be given severance and support after they departed the company.
“We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions,” he wrote. “I want to express my personal appreciation for the meaningful contributions they have made to PayPal.”
PayPal is just the latest tech company to announce major layoffs, following a slew of others including Meta, Google, IBM, Microsoft, and Salesforce.
This is a developing story, please check back for updates.
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