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PayPal will cut 7% of jobs – Rosbalt

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The American company PayPal Holdings Inc., the operator of the payment system, plans to cut about 7% of its employees as part of a general program to reduce costs. It is reported by Interfax.

The cuts will affect about 2,000 jobs, CEO Dan Shulman told employees.

“While we have already made significant progress in streamlining our cost structure by focusing resources on our priority areas, there is still a lot of work ahead,” Shulman said in a message to employees.

“We must continue to change as the world around us, our customers and the competitive environment evolve,” he said.

Paypal employees affected by the layoffs will be notified in the coming days and weeks.

At the same time, the company will continue to hire staff in strategic business areas, company spokeswoman Amanda Miller told Market Watch.

Last August, PayPal announced its intention to achieve cost savings of at least $1.3 billion in 2023.

The company will publish its financials for the fourth quarter of 2022 on February 9.

PayPal shares have fallen 39% over the past year.

Source: Rosbalt


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