PayPal to lay off 2,000 staff over the next few weeks
US payments giant PayPal is set to lay off approximately 2,000 employees, or about 7% of its total staff headcount, over the next few weeks.
In a message to employees, PayPal president and CEO Dan Schulman cites the “challenging macro-economic environment” as a reason behind the job cuts as the company looks to adapt to shifting market conditions.
“While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,” writes Schulman.
“We must continue to change as our world, our customers, and our competitive landscape evolve.”
“Addressing these changes requires us to make hard decisions that will impact some of our colleagues,” Schulman adds. “These reductions will occur over the coming weeks, with some organisations impacted more than others.”
Departing employees will be supported with a “generous” severance package and consultation where needed, he says.
PayPal added a number of new names to its C-suite last year, with John Kim joining as chief product officer in September, Blake Jorgensen as chief financial officer in August, and Archana Deskus as chief information officer in March.