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PayPal to cut 7% of workforce

By Jonathan Easton

Leading FinTech PayPal has confirmed plans to layoff around 2,000 staff in the coming weeks.

The job cuts amount to around seven per cent of PayPal’s total workforce, and makes the eBay-owned payments processor the latest big tech firm to announce major redundancies.

The news was confirmed by president and chief executive officer Dan Schulman, who wrote a memo that the company needed to adjust for the “challenging macroeconomic environment,” and that it needs to focus resources on core priorities.

He wrote: "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.

“Change can be difficult – particularly when it includes valued colleagues and friends departing. We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers.”

PayPal beat its earnings and revenue expectations for the third quarter of 2022, but missed analyst expectations in the fourth quarter. Acting finance chief Gabrielle Rabinovich previously cited “inflationary pressures” on its 2023 predictions.

Following months of layoffs to close out 2022, January was no different in big tech. Earlier this week, financial management software company Workday cut 525 jobs, while January also saw Google, Microsoft and Salesforce also announce cuts. In total, the US tech sector has cut over 200,000 jobs in recent months.

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