PayPal said it will cut 7% of if workforce, or approximately 2,000 employees, in the coming weeks as it grapples with a challenging economic environment. In a memo to staff on Tuesday, PayPal CEO Dan Schulman said laid-off workers will receive "generous" severance packages, without elaborating. He cited a “challenging macroeconomic environment," noting that the fintech has made progress by focusing its resources on priorities and rightsizing its cost structure, but more work needs to be done.  In November, PayPal pared back its annual revenue growth forecast due to the economic downturn. The online payments firm owns the Venmo payments app, which it acquired in 2013 as part of its $800M purchase of payments gateway Braintree. With the cuts, at least 256 tech companies have now laid off 82,769 employees so far in 2023, according to the latest data from tracker Layoffs.fyi. Tech layoffs in January alone amounted to about half of all the 159,666 layoffs estimated during 2022.