SAN JOSE, Calif.— The layoffs in the tech sector continue, with the latest being PayPal announcing it will let go approximately 2,000 employees, or about 7% of its total staff headcount, over the next few weeks.
In a message to employees, PayPal president and CEO Dan Schulman cited the “challenging macro-economic environment” as a reason behind the job cuts as the company looks to adapt to shifting market conditions, Fintech Futures reported.
“While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,” Schulman wrote. “We must continue to change as our world, our customers, and our competitive landscape evolve.
“Addressing these changes requires us to make hard decisions that will impact some of our colleagues,” continued Schulman, according to the Financial Futures report. “These reductions will occur over the coming weeks, with some organizations impacted more than others.”
Departing employees will be supported with a “generous” severance package and consultation where needed, he said.
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