Digital payment service PayPal is the latest tech company to suffer a wave of job cuts, as its Dundalk office announces its closure and the loss of 62 jobs.
RTÉ has reported that the 62 jobs, comprising 3 per cent of PayPal's Irish workforce, will include 35 Dublin lay-offs and 27 in Dundalk.
The Louth-based office will shut from the end of March, with the remaining staff - totaling 1,000 - being asked to move to remote work.
The company is also planning to move to a new, smaller-sized base in central Dublin after announcing that it will close its Ballycoolin, Blanchardstown one.
PayPal said it will continue to employ over 2,000 people in Ireland and added that those impacted in Dundalk were contract workers employed by third parties.
Bloomberg reported today that PayPal is searching for a new CEO who can help reverse its $279 billion stock drop, after CEO Dan Schulman announced that he will retire at the end of the year.
Last May, PayPal announced 307 job cuts from its Dundalk and Blanchardstown sites, with 135 of those from Dublin and 172 from Louth.
Addressing the latest redundancies, PayPal CEO Mr Schulman said: "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. We must continue to change as our world, our customers, and our competitive landscape evolve."
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