PayPal Holdings Inc announced Tuesday that it is cutting 2,000 employees from the workforce. According to a Reuters report, the company’s move signals cost cutting as consumers currently reel under the highest inflation in a decade, forcing consumers to cut spending to record levels. Also, people all over the world are concerned about their sources of income like jobs etc. and more attention is paid to savings.
Dan Schulmen, CEO of payments firm PayPal, said in a statement: “We have made significant progress in resizing our cost structure. And while we have focused our resources on our core strategic priorities, we still have more work to do.’ According to the report, shares of the payment company fell as much as 60% last year. Its shares were seen up 2% yesterday. According to Moshe Katri, an analyst at Wedbush, “Like other big tech companies, PayPal also wants to stabilize itself financially and strategically during the global recession.”
Even before PayPal, many giant global firms have announced workforce cuts. We tell you that in January layoffs can be announced in many large companies. It’s also been a while since companies like Vodafone Idea and Amazon have also announced layoffs. Vodafone Idea has announced the layoff of hundreds of employees over the next five years, while Amazon has increased the number of laid off employees from 10,000 to 18,000.
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