PayPal to lay off 2,000 employees in coming weeks, about 7% of workforce

PayPal connected Tuesday announced plans to laic disconnected 2,000 employees, oregon astir 7% of its workforce, according to a release posted to the company's website.

President and CEO Dan Schulman wrote successful the merchandise that PayPal is moving to code the "challenging macroeconomic environment." He said the institution has made advancement focusing resources connected halfway priorities and rightsizing its outgo structure, but that determination is much enactment to beryllium done.

"Change tin beryllium hard – peculiarly erstwhile it includes valued colleagues and friends departing," Schulman wrote astir the layoffs. "We volition look this head-on together, drafting connected the unparalleled standard of our planetary platform, the strategical investments we person made to fortify our halfway capabilities, and the spot and loyalty of our customers."

PayPal's announcement marks the latest circular of occupation cuts successful the tech industry, arsenic Workday besides announced plans to chopped 525 jobs Tuesday. Earlier this month, Google announced plans to laic disconnected much than 12,000 workers, Microsoft announced plans to chopped 10,000 employees and Salesforce announced plans to lay disconnected 7,000 workers.

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