(KRON) — PayPal plans to cut seven percent of its workforce, or about 2,000 employees, according to a report in MarketWatch. The report cites an email sent on Tuesday by the company’s Chief Executive Dan Schulman.

“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,” the note to staff reportedly reads. “We must continue to change as our world, our customers, and our competitive landscape evolve.”

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PayPal maintains its headquarters in San Jose and is one of several Bay Area-based tech companies to cut staff in the past few months. Bay Area tech giants Google, Salesforce, Meta Inc. and Twitter have all downsized staff in recent months. Many have cited aggressive hiring during the height of the COVID-19 pandemic and a need to right-size staffing levels as the primary reason behind the layoffs.

The news about PayPal follows an earlier announcement Tuesday from Pleasanton-based Workday, which announced it would be cutting three percent of its workforce.