<p>PayPal, which operates a global payment service under the PayPal and Venmo brands, is adding to the layoff list in Silicon Valley.</p>
<p>President and CEO Dan Schulman said the company would eliminate 2,000 jobs or 7% of its workforce due to a &#8220;challenging macro-economic environment.&#8221;</p>
<p>Schulman said the reductions will occur over the coming weeks, with some organizations impacted more than others. Departing colleagues will be treated with &#8220;the utmost respect and empathy,&#8221; along with generous severance packages and assistance with transition.</p>
<p>Based in San Jose, PayPal said it had <span class="counter">30,900 employees at the end of 2021 and over 432 million active consumer and merchant accounts in the third quarter of 2022.</span></p>
<p>PayPal is set to release fourth quarter and year-end revenues on February 9.</p>
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