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PayPal CEO Addresses Mass Layoffs Due to “Challenging Macro-Economic Environment”

PayPal is the most recent tech company to conduct layoffs, this time slashing 7% of its workforce.

Aayat AlibyAayat Ali
February 1, 2023
in Business
Reading Time: 1 min read
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PayPal CEO Addresses Mass Layoffs Due to "Challenging Macro-Economic Environment"

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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.

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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.  

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Source: CNN
Tags: BusinessHuman ResourcesWorkforce
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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