Paypal has announced that it will be laying off 2,000 employees, which is around 7% of its total workforce. The layoffs will happen over a few weeks and some departments will be more affected than others. The company has said that it will provide affected employees with generous packages and help them transition into the labor market. A promise many tech companies have made since the layoffs became a recurring event last year. Paypal laying off staff is the latest in the slew of big tech companies making job cuts in recent times.
In a letter to staff, Paypal CEO Dan Schulman emphasized the company’s commitment to treating its departing employees with respect and empathy, and has expressed his personal gratitude for their contributions to the company. The CEO also stated that he believes the company will come out of this period stronger, drawing on its global scale, strategic investments, and customer trust and loyalty.
He adds, “leaders of the company will be communicating with staff in the coming days and weeks, sharing information on the specific impacts on their business units and teams.” The CEO also assured employees that the company will communicate openly and regularly during this challenging time.