PayPal, a large Fintech Company, declared that it plans to lay off 2,000 workers, or 7% of its workforce. This places it among the major tech firms that are laying off employees. A slowdown in the economy has an impact on the fintech business.
This decision is in line with that of Wall Street titans and Big Tech firms, both of which are using layoffs as a cost-cutting measure.
The layoffs follow similar actions by numerous major tech firms, including Google, Amazon, Meta, and Microsoft.
President and CEO of PayPal Dan Schulman announced the change in a letter to the staff. The public statement that Dan Schulman issued to PayPal workers is provided below.
As we continued to invest to meet the requirements of our customers over the last year, we made tremendous strides in fortifying and restructuring our business to handle the difficult macroeconomic climate. We still have work to do, even though we have made significant progress in right-sizing our cost structure and concentrating our resources on our key strategic priorities. As the globe, our clients, and the competitive environment change, we must also adapt.
We must make difficult decisions that will affect some of our colleagues to deal with these developments. I’m writing to you today to break the terrible news that we will be cutting nearly 2,000 full-time employees from our global workforce or about 7% of our whole staff. Some groups may be harmed more than others by these reductions, which will happen over the upcoming weeks. We will give our departing coworkers the utmost consideration and empathy, as well as generous packages, consultation where necessary, and assistance with their transitions. I would like to thank them personally for their significant contributions to PayPal.
Change may be challenging, especially when it involves the departure of beloved friends and coworkers. Together, with the unmatched scope of our global platform, the strategic investments we have made to bolster our core competencies, and the confidence and steadfastness of our customers, we will take on this challenge head-on.
Your executives will discuss the precise effects inside your business divisions and teams throughout the coming days and weeks. We shall have open and frequent communication among our leadership team. This will be a difficult time for our community, but I have faith that we will get through it as a team, with empathy for one another, our principles at the forefront, and a shared dedication to PayPal’s future.
