Payments firm PayPal to lay off 7% of its workforce to cut costs

By Manya Saini
FILE PHOTO The PayPal logo is seen on a smartphone in front of the same logo displayed in this illustration taken September 8 2021. REUTERSDado RuvicIllustration

FILE PHOTO: The PayPal logo is seen on a smartphone in front of the same logo displayed in this illustration taken September 8, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown.

The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as companies look to rein in costs to ride out the downturn.

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