Press Release: Update on Our Transformation

The following message was shared with PayPal workers at this time by President and CEO Dan Schulman.

Over the previous yr, we made important progress in strengthening and reshaping our firm to handle the difficult macro-economic surroundings whereas persevering with to take a position to fulfill our prospects’ wants. While now we have made substantial progress in right-sizing our price construction, and targeted our assets on our core strategic priorities, now we have extra work to do. We should proceed to vary as our world, our prospects, and our aggressive panorama evolve.

Addressing these modifications requires us to make laborious choices that can influence a few of our colleagues. Today, I’m writing to share the tough information that we are going to be lowering our world workforce by roughly 2,000 full time workers, which is about 7% of our complete workforce. These reductions will happen over the approaching weeks, with some organizations impacted greater than others. We will deal with our departing colleagues with the utmost respect and empathy, present them with beneficiant packages, interact in session the place required, and help them with their transitions. I need to specific my private appreciation for the significant contributions they’ve made to PayPal.     

Change will be tough – significantly when it consists of valued colleagues and pals departing. We will face this head-on collectively, drawing on the unparalleled scale of our world platform, the strategic investments now we have made to strengthen our core capabilities, and the belief and loyalty of our prospects.

Over the following days and weeks, your leaders will share the particular impacts inside your online business models and groups. Our management staff will talk frequently and brazenly. This will probably be a difficult interval for our neighborhood, however I’m assured we are going to come by way of it along with compassion for one another, our values on the fore, and a shared dedication to the way forward for PayPal.