said on Tuesday it is planning to cut 7 per cent 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. Shares of the payments firm, which lost about 60 per cent of their value last year, were up about 2 per cent in afternoon trading.
Thomas Hayes, chairman and managing member at investment firm Great Hill Capital told Reuters that “tech over-hired during the pandemic and rationalizing staff during a soft period will help them to retain margins as conditions recover.”
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