West News Wire: In an effort to decrease expenses, American multinational financial technology company PayPal has announced a wave of layoffs that would affect almost 2,000 workers. PayPal is one of the numerous tech companies to make similar announcements.

President and CEO Dan Schulman stated in a note to staff released on Tuesday that the move to reduce about 7% of its global personnel will assist deal with the “difficult macroeconomic climate.”

Change may be challenging, especially when it involves beloved coworkers and friends moving on, according to the statement. Some groups will be more negatively impacted by these reductions than others, throughout the course of the upcoming weeks.

“We will treat our departing colleagues with the highest respect and sensitivity, present them with significant packages, participate in discussions where necessary, and support them with their transitions,” Schulman promised the business.

PayPal has become the latest in a caravan of tech giants forced to shed employees due to dropping revenues and a worsening economic outlook following an unprecedented growth during Covid-19 pandemic lockdowns.

Last week, Swedish audio streaming company Spotify said it will cut around 600 employees. Amazon, Meta and Microsoft all announced layoffs recently. Alphabet, which owns Google, said it would shed 12,000 jobs, more than 6% of its global workforce. IBM is also firing around 1.4% of its total staff. Overall, Big Tech layoffs have claimed an estimated 70,000 jobs over the past year.

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