PayPal latest tech firm to announce mass layoffs with 2,000 job cuts
Christopher Hutton
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PayPal announced plans to lay off 2,000 employees, making it the latest of many tech companies that have made job cuts in an effort to lower costs.
The payment service announced on Tuesday that it was cutting jobs to address the “challenging macroeconomic environment.” Silicon Valley as a whole has been shedding jobs in the face of declining revenues.
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“Change can be difficult — particularly when it includes valued colleagues and friends departing,” PayPal President and CEO Dan Schulman said in a memo sent to employees. “We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers.”
Google, Microsoft, and Amazon have all laid off tens of thousands of workers over the previous few weeks. Spotify announced on Jan. 23 that it was laying off 6% of its workforce. The financial software developer Workday announced on Tuesday that it was cutting more than 500 jobs.
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Many of the companies announcing layoffs claim that they are doing so to cut costs and to consolidate after massive expansions amid the pandemic.