PayPal cuts 7% of workforce: 2,000 employees at home

Tech giants continue to take a break to cut costs during the crisis: After Meta, Alphabet, Amazon and Twitter, PayPal is next. The online payments giant has announced that it will lay off about 2,000 jobs due to a “difficult macroeconomic scenario”.

Why is PayPal laying off 2,000 employees?

“Over the past year, we have made significant progress in strengthening and reshaping our company to overcome the challenging macroeconomic environment,” Dan Schuman, PayPal President and Chief Executive Officer, said in a press release. said. Unfortunately, not all work done will help prevent layoffs. And so PayPal has been added to the now very long list of downsizing tech companies. The digital payments giant has announced that it has made a “difficult decision”: it will lay off 7% of the global workforce for a total of 2,000 employees.

PayPal offers “generous” severance pay to laid-off employees

“We still have a lot of work to do,” admitted Schuman, “although we have made significant progress in right-sizing our cost structure and have focused our resources on our core strategic priorities.” In fact, PayPal’s latest quarterly results and current quarter forecasts have improved. The same goes for US GDP. Despite this, PayPal decides to send 2,000 employees home.

Those affected by the layoffs will be contacted in the coming weeks and can console themselves with a “generous” severance pay. “We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, consult as needed, and support them in their transition. I would like to express my personal appreciation for their significant contribution to PayPal,” the CEO explained.

Who will be next?

It will be very difficult to find a new job for all these people, given that many big names in the tech industry have announced staff cuts during this period. We’re talking giants across Meta (a group that also controls Facebook and Instagram), Alphabet (Google’s parent company), Amazon, Twitter, Microsoft and Spotify. Who will be next? Apple employees are trembling because given that the company will announce its financial results for Q1 2023 on February 2, let’s just hope for them.

Source: Today IT