Payments firm PayPal to lay off 7% of its workforce to cut costs

PayPal Holdings Inc said it’s planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown.

PayPal’s move to keep a tight lid on costs comes against the backdrop of decades-high inflation hitting the purchasing power of consumers who also have to contend with the threat of a looming recession.

“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,” said PayPal’s Chief Executive Dan Schulman in a statement.

Shares of the payments firm, which lost about 60% of their value last year, were up about 2% in afternoon trading.

Courtesy Reuters.