PayPal is cutting 7% of its staff, or 2,000 jobs in response to the “challenging macro-economic environment,” according to CEO Dan Schulman.
“I want to express my personal appreciation for the meaningful contributions they have made to PayPal,” said Schulman
Layoffs will occur over the next several weeks and see departing employees receive “generous” severance packages.
This decision comes as companies face increasing interest rates and fears of a looming recession. The move is likely to result in more widespread layoffs across the tech industry.
In the midst of a shift in demand for digital services, tech companies are cutting jobs. Microsoft, Alphabet and Salesforce each announced plans to cut thousands of workers in January alone.