Photo credit: PayPal
Payments giant PayPal will be cutting 2,000 people from its global workforce by over the coming weeks, president and CEO Dan Schulman said in a message to employees.
This accounts for nearly 7% of the company’s total headcount. Those affected will be provided with “generous packages,” access to consultation, and support with transition, Schulman added.
PayPal now joins the growing list of global tech giants announcing layoffs, including Amazon, Meta, and Alphabet.
The payments major had been looking to expand its footprint in Asia. In 2021, PayPal announced it would hire 1,000 engineers in India alone.
However, Indonesia temporarily blocked PayPal in August 2022 for failing to register as Penyelenggara Sistem Elektroniks (PSEs). The ban was lifted after the company registered as an electronic systems operator in the archipelago.
Editing by Miguel Cordon and Eileen C. Ang
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