Everyone's doing it: PayPal sends 2,000 workers packing
Online payment service PayPal says it intends to cut about 7 percent of its workforce, or around 2,000 jobs, in the latest cull to hit the tech sector.
The Dotcom era veteran said the decision was a result of focusing resources on its"core strategic priorities.", president and CEO Dan Schulman said the reductions would happen over the coming weeks, with some organizations affected more than others."We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions.
The company recruited heavily in recent years to match rapid business growth. It was helped by government lockdowns that forced citizens to stay indoors and shop online instead of in-person. Paypal's job cuts are just the latest move in an industry-wide trend to reduce workforce numbers following the peak of the pandemic and unsettling economic conditions, exacerbated by high inflation and Russia's invasion of Ukraine.
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