PayPal to cut 2,000 jobs in latest round of layoffs for tech industry
SAN JOSE – Online payments giant PayPal said Tuesday that it plans to cut 7% of its total workforce, joining other major Silicon Valley companies in announcing layoffs.
PayPal president and CEO Dan Schulman announced the layoffs in a letter to employees Tuesday. Schulman said while the company has made progress in responding to what he described as a "challenging macro-economic environment," there was more work to be done.
"We must continue to change as our world, our customers, and our competitive landscape evolve," Schulman said. "Addressing these changes requires us to make hard decisions that will impact some of our colleagues."
According to Schulman, about 2,000 employees will be laid off from the company, which is headquartered in San Jose. The layoffs would take place in the coming weeks.
Schulman said departing employees would be treated "with the utmost respect and empathy" and would be provided with "generous" packages, along with other support.
The company's statement did not specify how many of those layoffs would be among employees working in the Bay Area.
PayPal becomes the latest tech firm to cut jobs in recent months. In the past month, major tech giants have cut about 50,000 jobs, including Amazon, Salesforce, Coinbase, Microsoft, Google and Spotify.