PayPal, a different significant tech firm, declared its intention to lay off 2,000 employees, or 7% of its workforce. This places it among the major tech firms that are laying off employees. A slowdown in the economy has an impact on the FinTech business.
This action is in line with that of Wall Street titans and Big Tech firms, both of which are using layoffs as a cost-cutting measure. The layoffs follow similar actions by some major tech firms, including Google, Amazon, Meta, and Microsoft. President and CEO of PayPal Dan Schulman announced the change in a letter to the staff.
“These reductions will take place over the upcoming weeks, with some organizations being more negatively impacted than others”, according to the public statement made to PayPal employees by Dan Schulman. “PayPal will treat departing employees with the utmost consideration and respect, offer them generous packages, seek advice as needed, and assist them in their transitions.”