PayPal is reducing their workforce by about 2,000, as one of the latest tech giants to announce mass layoffs.

The cuts will total to around 7% of the global workforce at the online payment portal.

Unlike some of the other downsizing announcements coming out this year, PayPal kept it relatively vague:

“While we have made substantial progress in right-sizing our cost structure and focused our resources on our core strategic priorities, we have more work to do.”

PayPal has said that the layoffs will come in the following weeks and some organisations will be more impacted than others, though it gave no hints as to which departments these would be.

This announcement comes shortly after PayPal suffered a massive data breach which exposed thousands of customers’ personal data in a credential stuffing attack.

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Other tech giants have also announced massive layoffs, including at Google, Amazon, Meta, Microsoft, Twitter, Spotify, and NetApp.

Many of these companies highlighted the increase in hiring they did over the pandemic that they could no longer sustain due to a decrease in consumer sales. Others detailed a shift in priorities, with Google and Microsoft placing an emphasis on AI technologies.

PayPal has not made such a detailed statement, so only time will tell what their strategy will be.

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