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Tech companies Hubspot and Workday are also reportedly cutting jobs worldwide. Altogether they employ roughly 3,000 staff in Ireland,
PayPal has announced 2,000 upcoming job cuts, or roughly 7pc of its total staff worldwide.
The company’s president and CEO Dan Schulman said the decision was made in response to the “challenging macro-economic environment”, as the fintech works to reshape itself.
These job cuts will take place over the coming weeks, with some organisations impacted more than others. PayPal currently employs more than 2,000 staff across Ireland, but it is unclear how many of these will be impacted by the decision.
Schulman said the affected staff will be informed over the coming weeks and that those who are cut will receive “generous packages” and support with any transitions.
“Change can be difficult – particularly when it includes valued colleagues and friends departing,” Schulman said. “We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers.”
This is not the first time PayPal’s staff in Ireland have faced a hit to their numbers. Last May, the company announced plans to cut around 300 jobs from its operations in Dundalk and Dublin.
In April 2021, the payment company shared plans to relocate up to 131 roles in Ireland to other countries following a review of its operational needs. PayPal employed around 2,800 workers at its Irish sites at the time.
More tech sector layoffs
Meanwhile, the global tech sector continues to face a shake-up as many companies have announced staff reductions to cut costs.
Software company Workday has announced plans to cut 3pc of its global workforce, Bloomberg reports. The company employs roughly 2,000 people in Ireland.
Hubspot has announced it will cut 500 jobs globally, or roughly 7pc of its global workforce, RTÉ reports. This company currently employs roughly 1,000 people in Ireland.
In January alone, tech companies including Microsoft, Alphabet, SAP, IBM, Spotify, Amazon and Salesforce have confirmed plans to reduce their staff numbers.
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