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PayPal to Cut 2,000 Staff

PayPal announced its intention to cut 2,000 employees.

PayPal to Cut 2000 Staff

Source: Pixabay.com

The number of employees affected by the upcoming reduction of the workforce is 7% of the total staff of the company. This decision is a necessary measure that will allow the company to adapt to the current economic realities that have arisen as a result of the global financial downturn.

The upcoming job cuts were announced by Dan Shulman, President and CEO of Paypal, in a memo distributed to employees. This memo says that the company is forced to coordinate the specifics of its activities and internal processes following difficult macroeconomic conditions.

Dan Shulman noted that the strategy of forming the cost structure previously applied by the company has justified itself, bringing the desired financial result. He also stated that the company has focused its resources on the main strategic priorities. Speaking about these decisions, Dan Shulman stressed that PayPal will have to take additional measures to adapt to economic realities.

The CEO of the company also stated that the firm must change in parallel with the transformation of the surrounding economical space, customer behavior, and the competitive environment. He called difficult decisions adaptation to modernity.

The announced plans to reduce the workforce will be implemented in the coming weeks. Some divisions of the company will suffer more as a result of layoffs than others.

Dan Shulman called the upcoming period of difficult decisions hard for the company’s community but expressed confidence that the tests will be passed with compassion for each other, commitment to the values of the firm, and the future development of PayPal.

The technology jobs market is being hit due to the global economic downturn. This week IBM announced plans to cut 3,900 employees, and SAP said it would lay off 3,000 workers.

As we have reported earlier, Google to Cut 12,000 Jobs.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.