PayPal is poised to turn into the most recent tech firm to put off a big chunk of its workforce. The funds firm on Tuesday introduced plans to chop about 2,000 staff, a determine equal to about seven p.c of its complete workforce. In response to PayPal President and CEO Dan Schulman, the layoffs will come over the following few weeks, with some elements of the corporate being hit more durable than others.

“We are going to deal with our departing colleagues with the utmost respect and empathy, offering them with beneficiant packages, offering recommendation the place wanted, and supporting them of their transition,” Schulman mentioned. “I wish to categorical my private appreciation for the numerous contributions you’ve got made to PayPal.”

The corporate joins a rising listing of tech corporations which have introduced layoffs in latest months. Earlier this month, Google introduced plans to put off 12,000 staff, or about six p.c of its world workforce. Microsoft had beforehand introduced that it might lower 10,000 jobs. Schulman, like his friends at Microsoft, Google and different tech corporations, blamed PayPal’s layoffs on the “difficult macroeconomic setting” the corporate has discovered itself in of late. “Whereas we’ve made vital progress in adjusting our price construction and focusing our sources on our core strategic priorities, we nonetheless have work to do,” he mentioned.

It’s price noting that the US financial system has not but entered a recession. At 3.5 p.c, the nationwide unemployment fee is at a 50-year low, and gross home product has grown in latest quarters. Waiting for PayPal, the corporate topped Wall Avenue expectations on its latest earnings name, with income and earnings up 11 p.c and seven p.c 12 months over 12 months, respectively.

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