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PayPal will lay off 2,000 employees worldwide in the coming weeks, the company announced Tuesday.File photo courtesy of Andrew Gombert/EPA
January 31 (United Press International) — PayPal will lay off 2,000 employees worldwide in the coming weeks, the company announced Tuesday.
President and CEO Dan Schulman made the announcement in a statement Press release, citing the changing world and “competitive landscape.” The online payments service will cut 7% of its workforce and will detail where it will cut jobs in the coming weeks.
“Change can be difficult — especially when important colleagues and friends leave,” Schulman writes.
“Together we will tackle this, leveraging the unparalleled scale of our global platform, our strategic investments in strengthening our core capabilities, and the trust and loyalty of our customers.”
Schulman said the “challenging macroeconomic environment” required more changes within the company, which he said had made “significant progress” over the past year. This progress comes in the form of a focus on core priorities.
Impacted employees will receive severance pay, Schulman said.
“This will be a challenging time for our community, but I am confident we will get through it together with mutual compassion, our values ​​first, and a shared commitment to the future of PayPal,” he said.
Paypal stock It closed up 1.85 points, or 2.32%, at $81.49. It fell 0.28 points, or 0.34%, after hours.
paypal is based on is located in San Jose, CA and was established in 1998. It has headquarters in La Vista, Nebraska, offices in Arizona, and multiple offices around the world.
The service is available in 202 countries and has more than 300 million user accounts.
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