PayPal to lay off 2000 staff; SoFi and Upstart terminate employees

PayPal to lay off 2000 staff; SoFi and Upstart terminate employees

PayPal is to lay off 2000 staff, seven percent of its workforce, as it adjusts to a weakening economic climate.

The job cuts were announced by president and CEO Dan Schulman in a memo shared with the workforce, who said the company had to reshape to address the challenging macro-economic environment.

"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," he wrote. "We must continue to change as our world, our customers, and our competitive landscape evolve. Addressing these changes requires us to make hard decisions."

The staff cuts will take place over the coming weeks, with some departments impacted more than others.

Says Schulman: "This will be a challenging period for our community, but I am confident we will come through it together with compassion for each other, our values at the fore, and a shared commitment to the future of PayPal."

The latest blow to the tech jobs market comes just days after IBM announced plans to cut 3900 jobs from its global workforce and SAP said it would slash 3000 staff.

Elsewhere in fintech, SoFi is to cut 65 jobs from its mortgage division, while AI lending platform Upstart is terminating 365 staff, 20% of its workforce, as lenders and credit investors significantly reduce or pause loan originations.

On a more upbeat note, financial super app Revolut has told the Evening Standard that it intends to hire 1700 more staff this year, blaming the current trend for industry lay offs on poor management and over ambitious expansion policies.

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