The American payment company PayPal is going to cut about 2,000 full-time jobs worldwide to cut costs. That equates to approximately 7 percent of PayPal’s workforce.
According to CEO Dan Schulman in a statement to employees, job cuts will start in the coming weeks due to the challenging economic climate.
With this, PayPal, based in San Jose, California, follows the example of other large American technology companies that are slashing their workforce to cut costs. For example, Google parent Alphabet, Microsoft, Facebook owner Meta Platforms, Amazon and IBM will lose many thousands of jobs, while hundreds of jobs will be cut at the music service Spotify. Thousands of jobs will also be lost at the German software group SAP and the Dutch healthcare technology company Philips.
According to PayPal, it will become clear in the near future where the jobs will be lost. Certain parts of the online payment service will be hit harder than other branches of the company. PayPal is also active in the Netherlands with its services. Schulman says committed employees will be treated well, with generous severance pay and help finding another job, for example.
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