PayPal announced plans to lay off 2,000 employees, which represent 7% of its workforce.  Similar fintechs have also announced layoffs — Strip recently laid off 14% of its staff and Plaid 20%. PayPal CEO Dan Schulman cited the "challenging macro-economic environment." as the reason behind the layoffs. Schulman also said the company is currently focusing its resources on core priorities and rightsizing its cost structure. The layoffs will take place in the coming weeks.