PayPal have announced that they are to cut 2,000 staff worldwide in the latest layoffs to occur in the tech sector.
The online payment company, which employs 2,000 people in Ireland, is expected to cut 7% of their staff due to a macroeconomic slowdown weighed on the firms business, and will happen in the coming weeks. The numbers who are affected in Ireland is not clear yet.
In May 2022, PayPal announced plans to cut approximately 300 jobs from its bases in Dublin and Dundalk.
‘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,’ a memo from PayPal’s Chief Executive Dan Schulman told employees in a memo.
‘We must continue to change as our world, our customers, and our competitive landscape evolve.’
Mr. Schulman added that some divisions within the company will be more impacted than others, and added that those to be laid off will be supported throughout their transition into new jobs.
‘We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions.’
PayPal is the latest tech company to announce layoffs since Twitter began cutting jobs worldwide following its purchase from Elon Musk — with around 140 Irish jobs cut from the social media giant. Facebook and Google’s parent companies have also announced that they are cutting jobs following a slowdown in business.
Video platform TikTok, which is based in China, have also announced company wide layoffs in their global recruitment team, saying that they’re ‘streamlining’ their talent acquisition function and as a result are letting some employees go.
‘While we continue to hire as a business globally, we are streamlining our talent acquisition function and as a result, parting ways with a small number of colleagues,’ a statement from TikTok told Extra.ie. ‘Impacted employees have been encouraged to apply for open roles within the company, with some already being offered new internal opportunities.’
‘We greatly appreciate these colleagues’ contributions and are working closely with those impacted to support them through this time of change.’