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PayPal is laying off more workers after cutting HQ staff

Tech layoffs are reaching a fever pitch.

PayPal headquarters

Yet another tech company has joined the staffing crackdown.

Photo: PayPal

Yet another tech company is slashing its workforce: PayPal has reportedly started laying off employees in risk management and operations just weeks after laying off more than 80 employees at its San Jose headquarters.

The payments company has laid off dozens of staff members in Chicago, Nebraska and Arizona, a source familiar with the matter told Bloomberg. The corporate layoffs at its San Jose HQ were announced in a filing earlier this month, according to Bloomberg.

The decision follows slowed growth in its first-quarter earnings, with spending on its platform reaching $323 billion, or a 15% increase from the year prior.

PayPal approved plans for a “strategic reduction of the existing global workforce" in 2020, and the company has spent $20 million to reduce its workforce — mostly to cover severance and employee benefits, according to Bloomberg. The company expects to spend $100 million more on restructuring, but said that cutting staff will end up saving the company $260 million a year.

PayPal told Bloomberg in a statement that the company is "constantly evaluating how we work to ensure we are prepared to meet the needs of our customers and operate with the best structure and processes to support our strategic business priorities as we continue to grow and evolve."

The news comes as other major tech companies like Microsoft, Nvidia, Lyft, Snap, Uber, Meta, Salesforce and Coinbase have announced hiring freezes or slowdowns amid tech stocks slumping. Smaller companies have also laid off workers, including Bolt, Carvana and Cameo.

Nat Rubio-Licht

Nat Rubio-Licht is a Los Angeles-based news writer at Protocol. They graduated from Syracuse University with a degree in newspaper and online journalism in May 2020. Prior to joining the team, they worked at the Los Angeles Business Journal as a technology and aerospace reporter.

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