PayPal to cut 2,000 jobs in latest round of layoffs for tech industry

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Online payments giant PayPal said Tuesday that it plans to cut 7% of its total workforce, joining other major Silicon Valley companies in announcing layoffs.

. Schulman said while the company has made progress in responding to what he described as a"challenging macro-economic environment," there was more work to be done.

According to Schulman, about 2,000 employees will be laid off from the company, which is headquartered in San Jose. The layoffs would take place in the coming weeks.

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