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