Mashable: PayPal is the parent company of other businesses, including Venmo, Xoom, and Honey.

It looks like PayPal will follow in the footsteps of other tech firms that have recently reduced their workforce significantly through layoffs. The payments company has announced that it will be laying off nearly 2,000 workers, or about 7% of its total workforce. Several hundred employees will be let go over the next few weeks, says PayPal president and CEO Dan Schulman, with some departments being hit worse than others.

Schulman promised that the company would treat its employees who were leaving with "the utmost respect and empathy," offering them "generous packages," consulting with them as needed, and helping them through the transition process.

The San Jose, California-based corporation is the latest in the technology industry to reduce its workforce. Google announced 12,000 layoffs earlier this month, which is roughly 6% of the company's worldwide workforce. Microsoft previously announced it would eliminate 10,000 positions.

Like his peers at Microsoft, Google, and other software giants, PayPal CEO Dan Schulman has attributed the company's last round of layoffs to the "difficult macro-economic climate." It's not done yet, but "we have made tremendous progress in right-sizing our cost structure and focusing our resources on our core strategic priorities," he said.

PayPal is the parent company of other businesses, including Venmo, Xoom, and Honey. During the most recent earnings call, the business reported an increase in both sales and profit of 11% and 7% year-over-year, respectively, which was a better performance than what was expected by Wall Street.