PayPal Plans To Reduce About 2,000 Employees

(RTTNews) - PayPal Holdings Inc. (PYPL) plans to reduce about 2,000 full time employees or about 7% of its total workforce, citing a "challenging macro-economic environment.

In a message to staff sent on Tuesday by Dan Schulman, president and chief executive of the company, said that the company has made progress focusing resources on core priorities and rightsizing its cost structure, but that there is more work to be done.

Schulman noted that the job reductions will occur over the coming weeks, with some organizations impacted more than others.

Over the next days and weeks, the company will share the specific impacts within business units and team, Schulman said.