PayPal To Ax 2K Workers

SANTA CLARA COUNTY, CA — A Silicon Valley company that helped revolutionize financial transactions in the digital age has become the latest tech firm to announce steep job cuts.

PayPal on Tuesday announced plans to cut around 2,000 full-time jobs, about 7 percent of its global workforce, the company said in a news release signed by CEO Dan Schulman.

It is not clear how many jobs the company plans to cut from its San José headquarters.

Schulman cited a “competitive landscape” that requires it to focus on right-sizing our cost structure, and focused our resources on our core strategic priorities.”

“Addressing these changes requires us to make hard decisions that will impact some of our colleagues,” Schulman’s said.

“These reductions will occur over the coming weeks, with some organizations impacted 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. I want to express my personal appreciation for the meaningful contributions they have made to PayPal.”

Thousands have already lost their jobs amid a tech bloodbath that started last summer and has continued into early 2023.

Plunging stock prices have wiped out $4.5 trillion in market value from Big Tech in 2022, Fortune reports.