PayPalonline payments company, has announced plans to cut 2,000 jobs worldwide in the latest round of large tech layoffs.
The decision, according to the company, will affect 7 percent of its workforce worldwide.
The new development comes days after Google announced plans to lay off 12,000 employees.
In a message to the company’s employees on Tuesday, PayPal Chief Executive Dan Schulman said the decision was inevitable in the face of a “challenging macroeconomic environment.”
In the past year, he said the company has made significant progress in strengthening and reshaping itself to address the challenging macroeconomic environment while continuing to invest in meeting customer needs.
“While we have made substantial progress in scaling our cost structure, and focusing our resources on our core strategic priorities, we must do more. We must continue to change as the world, our customers, and the competitive landscape evolve.
“Dealing with these changes will require us to make difficult decisions that will affect some of our colleagues.
“Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full-time employees, which is approximately 7 percent of our total workforce,” Mr. Schulman said.
PayPal executives noted that the reductions will take place over the coming weeks, with some organizations affected more than others.
“We will respect and empathize with our friends who have left, offer cheap packages, participate in consultations if needed and support the transition. I want to express my appreciation for the valuable contribution to PayPal.
“Change can be difficult especially when it involves colleagues and respected friends. We will face this together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers, “he said.
PayPal is the latest technology company to lay off employees in a new wave of massive layoffs in the technology industry that have affected employees of Twitter, Facebook, Amazon, IT group Salesforce, Microsoft and Google.
Dismissal
Earlier in January, Salesforce announced it would lay off about 10 percent of its employees.
Last year, Amazon laid off about 3 percent of the company’s employees and less than one percent of its global workforce.
In November 2022, Twitter Inc laid off half its workforce as advertisers pulled spending amid concerns about content moderation.
Facebook’s parent company, Meta, also announced it will lay off more than 11,000 employees, reducing the company’s workforce by about 13 percent.
READ ALSO: Google lays off 12,000 employees
In addition, Microsoft announced plans to lay off about 11,000 employees, reducing the company’s workforce by about 5 percent.
Last month, Google’s parent company, Alphabet, announced plans to cut 6 percent of its workforce worldwide.
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