PayPal To Slash 2000 Jobs

US online payment provider PayPal is planning to cut some 2,000 jobs, which equals some seven percent of the company’s total workforce, due to a “challenging macro-economic environment”, reported German Press Agency (dpa).

“Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment,” PayPal president and chief executive officer Dan Schuman said in a press release on Tuesday.

“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,” he added, announcing the cuts.

The news comes as several big tech companies, including Facebook parent company Meta, Amazon, Twitter and Alphabet, have announced significant job cuts over the past months.

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