Buckle up!
https://www.marketwatch.com/story/paypal-to-lay-off-7-of-employees-as-part-of-cost-cutting-push-11675192862
PayPal Holdings Inc. plans to lay off about 7% of its staff as it continues with broader efforts to reduce costs.
Chief Executive Dan Schulman announced the layoffs, which will affect about 2,000 PayPal PYPL, 2.60% employees, in an email to the staff Tuesday afternoon.
“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,” Schulman said in the note. “We must continue to change as our world, our customers, and our competitive landscape evolve.”
Some parts of PayPal will be impacted “more than others,” and staffers will find out more details about the impacts to their business units and teams over “the next days and weeks.”
The company will continue to hire “strategically” this year, spokeswoman Amanda Miller told MarketWatch.