PayPal, the digital payment tech stalwart headquartered in the Bay Area, is sacking nearly 2,000 full-time employees in the latest tech layoff hammering the tech industry.
In a notice posted on the PayPal website Tuesday, the San Jose-based company’s president and CEO Dan Schulman announced that 7% of the company’s employees will be cut over the coming weeks as a result of the “challenging macro-economic environment.”
“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,” Schulman said. “We must continue to change as our world, our customers, and our competitive landscape evolve.”
Schulman did not specify what severance benefits laid-off workers will receive but stated that they are “generous.” He also did not specify what teams will be predominantly affected, instead noting that “some organizations” internally will be affected more heavily than others. A spokesperson for the company declined to provide comment, instead referring SFGATE back to Schulman’s note.
It also remains unclear if workers for Venmo, the money-sending app owned by PayPal, will be affected in this layoff round. A Venmo spokesperson did not immediately respond to a request for comment.
These layoffs are part of a broader upending of the tech industry, with Salesforce and Google conducting mass staff reductions earlier this month. Last year, more than 47,000 workers were laid off across Bay Area-headquartered tech companies.
PayPal shares are up 2% Tuesday after a decline of nearly 53% over the past year. The company under its current name was founded in 2000, and has ties to Elon Musk and Peter Thiel.
SFGATE tech reporter Stephen Council contributed to this report. Hear of anything going on at PayPal or another Bay Area tech company? Contact tech editor Joshua Bote securely on Signal at 707-742-3756.