Around 2,000 employees of the online payment service provider Paypal have to fear for their jobs. The US company announces massive job cuts. Seven percent of employees are affected.

The online payment service Paypal wants to get rid of around seven percent of its employees in view of the difficult economic environment – around 2000 employees. The company announced this on Tuesday in San Jose. CEO Dan Schulman justified the job cuts as austerity measures.

“We will eliminate approximately 2,000 full-time positions worldwide, representing approximately 7 percent of the total workforce,” Schulman said in a statement.

Paypal has made great strides in reducing costs over the past few years, but still needs to do more. A number of companies in the tech industry – including Facebook’s parent company Meta, Amazon, Twitter and Alphabet – have decided on major rounds of layoffs in recent weeks and months.