1 February 2023
Paypal on Tuesday announced to lay off its 2000 employees, which is around 7% of the workforce, in coming weeks.
According to the statement of CEO Dan Schulman, planned layoff is considering the current economic situation and the focus will be more on resource utilisation and cost reduction and still a lot needs to be done. He expressed that parting with the valuable colleagues is always a pain but the company is ready to face the challenge utilising its core capabilities, customer trust and global platform.
With companies like Workday, Google, Microsoft, and Salesforce announcing layoffs PayPal is the latest to announce the same in the tech industry.