SAN FRANCISCO (KCBS RADIO) – Tech giant PayPal has laid off dozens of employees from its San Jose headquarters, according to a filing with California's Employment Development Department, as first reported by The Information.
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The company let go 83 employees in April, a week before the fintech company confirmed its plans to shutter a San Francisco based office at 425 Market Street, the media company said.
"PayPal is constantly evaluating how we work to ensure we are prepared to meet the needs of our customers and operate with the best structure and processes to support our strategic business priorities as we continue to grow and evolve," a PayPal spokesperson told KCBS Radio in a statement. "PayPal remains fully committed to the Bay Area and to California and we will continue to invest in our business and people working within the state."
The company promised that "any steps related to aligning our workforce would be done responsibly and would remain consistent with our commitment to the financial health of our employees."
When letting go the 83 employees, PayPal provided a level of benefits, resources, notice and support, the spokesperson added.
According to CNN, PayPal stock is currently down 57.42% year-over-year.
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