We've had a few rounds every year for the past three-four years at least and from what I can see the time between them is shrinking. Add to that the constant small cuts we keep hearing about that only affect a few people but keep happening all the time, and it's obvious that we are never safe from layoffs anymore. Job security no longer exists at PayPal.
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This is McKinsey's MO - when the company/stock aren't performing make cuts to make the investors happier. Happened to my boss and people in NY/MD two years ago too.
global credit got hit today, about a dozen of people
It's been this way for a while. It's because they keep listening to that horrible consultancy firm that gives them constant bad advice. If they hadn't got lucky profiting off of COVID, Schulman and Rainey would have been gone years ago.
This is how a lot of companies are now. It’s not just PayPal. You would be wise to create an “emergency fund” and live within a budget, if you don’t already, to prepare for such unforeseen things like job loss. It’s really all you can do these days.