PAYMENTS FIRM PAYPAL has become the latest tech company to make significant job cuts and will cut around 2,000 jobs, or 7% of its global workforce.

In a statement, its CEO Dan Schulman said the move was part of its work towards “right-sizing our cost structure”.

Announcing the 2,000 job losses, Schulman added: “These reductions will occur over the coming weeks, with some organisations impacted more than others.

“We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions.”

He also expressed his “personal appreciation for the meaningful contributions” the departing staff has made to PayPal.

Schulman also acknowledged that this “will be a challenging period” but said he is “confident we will come through it together with compassion for each other”.

PayPal has employs around 2,000 people in Ireland from its offices in Blanchardstown and Dundalk but it is not yet known how these job losses will affect employees here.

In May of last year, PayPal announced plans to cut over 300 jobs from its Irish operations.

A slew of tech companies has recently announced significant job losses, with streaming service Spotify making 600 lay offs last week.

In the week previous, both Microsoft and Alphabet – Google’s parent company – announced plans to cut thousands of job.

Microsoft is planned on 10,000 lay offs, while Alphabet is firing around 12,000 employees.

Last November, Meta (which owns Facebook, Instagram, and WhatsApp) also announced that it will reduce its workforce by 13%, resulting in the loss of 11,000 jobs globally.

Lyft, Stripe, and Twitter also cut staff last year .