PayPal to cut 2,000 jobs in push to trim costs
BNN Bloomberg
PayPal Holdings Inc. said it will cut 2,000 staffers as it contends with a macroeconomic slowdown that’s weighed on the firm’s business in recent quarters.
The cuts, which will affect about 7 per cent of employees, will take place in the coming weeks, Chief Executive Officer Dan Schulman told employees in a memo.
“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.
PayPal’s stock has been battered by the slowdown in growth in payments volume on its platform after the pandemic began to recede. In response, the company has vowed to reduce expenses — including through job cuts and the shuttering of offices across the country.
