Payment firm PayPal will lay off 2 thousand people!

Due to the ongoing recession in the global economy, news of layoffs are coming from the biggest companies every day. These also include the names of companies like Google’s parent Alphabet, Microsoft, Amazon. Now the name of payment firm PayPal has also been added to this list, which has announced layoffs. PayPal has announced to reduce its workforce by 7%. If the company is going to retrench with this percentage, then 2000 people working in it will be fired.

PayPal Holdings Inc announced on Tuesday that it is going to reduce 2000 employees from the workforce. Reuters’s Report According to the company, this step of the company indicates cost cutting, as currently the highest inflation is being seen in the decade, due to which the consumers have reduced the expenditure to the record level. Also, people all over the world are worried about their sources of income like jobs etc. and more attention is being paid to savings.

Dan Schulmen, chief executive of payments firm PayPal, said in a statement, ‘We have made significant progress in re-sizing our cost structure. And while we have focused our resources on our core strategic priorities, we still have more work to do.’ As per the report, the shares of the payments firm fell by up to 60% last year. Its shares were seen to jump 2% yesterday. According to Wedbush analyst Moshe Katri, ‘Like other big tech companies, PayPal also wants to stabilize itself financially and strategically during the global recession.’

Even before PayPal, many global giant firms have announced retrenchment in their workforce. We told you that many big Announcement of layoffs in companies Might be possible. Also some time ago companies like Vodafone Idea and Amazon have also announced layoffs. Vodafone Idea has announced to lay off hundreds of employees in the next five years, so Amazon Has increased the number of retrenched employees from 10 thousand to 18 thousand.