PayPal laying off 2,000 employees

PayPal announced on Tuesday that the company will lay off 2,000 employees, which is about 7 percent of its workforce.

CEO and President Dan Schulman wrote in a message to employees shared on the company website that while PayPal made “substantial progress” in restructuring its cost structure and prioritizing its allocation of resources, more work needs to be done. He said the downsizing will occur within the next few weeks, and that some organizations in the company will be “impacted more than others.”

“Change can be difficult – particularly when it includes valued colleagues and friends departing. 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,” Schulman said in the message.

Schulman said the leaders of PayPal’s business units and teams will be in contact with their employees over the next few days and weeks to discuss how the changes will impact their parts of the company.

“This will be a challenging period for our community, but I am confident we will come through it together with compassion for each other, our values at the fore, and a shared commitment to the future of PayPal,” Schulman concluded.

PayPal is the latest tech company to announce a round of layoffs in the industry. Workday also announced plans to cut jobs on Tuesday, which will eliminate about 3 percent of its global workforce.