Tech layoffs: PayPal cuts 2,000 jobs as global economy weakens

PayPal is shedding around 2,000 jobs, or 7% of its workers, as it becomes the latest big tech firm to cut costs.

The online payments company says it was forced to make the decision as it faces "the challenging macro-economic environment."

PayPal's announcement follows tens of thousands of layoffs by technology giants in the last month alone.

This year, Google's parent company Alphabet, Amazon and Microsoft have announced major job cuts.

"We must continue to change as our world, our customers, and our competitive landscape evolve," PayPal's chief executive Dan Schulman said in a statement. read more