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PayPal to lay off 7% of workforce

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PayPal Holdings Inc. announced plans to lay off roughly 7% of its workforce.

The layoffs impact roughly 2,000 employees.

“While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do,” CEO Dan Schulman said in an email to staff. “We must continue to change as our world, our customers and our competitive landscape evolve.”

Read more from MarketWatch.

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