Tech layoffs: PayPal to cut 2,000 jobs

Thousands of tech workers have now lost their jobs. Similar companies Google, Amazon, Microsoft and others announced workarounds last month. Now another company has joined the list. Price paid PayPal has announced that it plans to cut up to 7% of its workforce of about 2,000 employees.
“While we’ve made great strides in getting our payment structure right and focusing our resources on our strategic priorities, there’s more work to be done,” said PayPal CEO Dan Schulman.
The following information was provided to PayPal employees today by president and CEO Dan Schulman.
Over the past year, we have made significant progress in strengthening and restructuring our company to address the challenge of the macro-economic environment while continuing to invest in achieving the needs of our customers. While we have made significant progress in getting our cost structure right and focusing our resources on our strategic priorities, there is more work to be done. We must constantly change as our world, our customers, and our competitive landscape evolve.

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Addressing these changes requires making difficult decisions that affect some of our colleagues. Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full-time employees, or 7% of our total workforce. These reductions will take place in the coming weeks, with some organizations affected more than others. We show great respect and compassion to our departed colleagues, provide them with good packages, engage in discussions where appropriate, and support their transition. I want to express my appreciation for the valuable contributions they have made to PayPal.
Change can be difficult – especially when colleagues and spouses leave. Together we will focus on this head, drawing on the unprecedented scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers.
Over the next few days and weeks, these leaders will share specific interests within your business units and teams. Our leadership team communicates regularly and openly. This is a challenging time for our community, but I believe we will get through it with love for each other, our shared values, and a shared commitment to PayPal’s future.

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