PayPal to lay off 2000 employees to cut costs

CEO Dan Shulman blamed the “challenging macroeconomic environment” for the seven per cent cut to its global workforce.

PayPal has become the latest fintech forced to cut costs as it lays off around 2,000 employees.

The online payments company’s president and CEO Dan Shulman shared the news with employees, stating that the company is cutting its global workforce by around 7 per cent over the coming weeks.

While steps have already been taken to tackle the “challenging macro-economic environment”, PayPal said further action still needs to be taken.

“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,” Shulman wrote.

“We must continue to change as our world, our customers, and our competitive landscape evolve.”

Shulman expressed his personal appreciation for PayPal’s employees and noted the difficulty of change.

“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,” he continued.

PayPal joins the likes of Amazon, Meta and Google in its recent layoffs, and fintechs such as Stripe, Coinbase, Plaid and Klarna, in a growing trend for both the fintech and wider tech industry.

Proving it’s not all doom and gloom for fintech jobs though, Revolut told the Evening Standard it is on a hiring spree, with plans to create 1700 new jobs.