PayPal has announced it is laying off roughly 2,000 employees, representing approximately 7% of its staff.

PayPal has been working over the last couple of years to transform its business to adapt to changes in the technological and business landscape. The company has explored the possibility of stock-trading platform, and added support for cryptocurrency.

In a company announcement, President and CEO Dan Schulman painted the layoffs as the next — albeit unfortunate — step in the company’s transformation.

Addressing these changes requires us to make hard decisions that will impact some of our colleagues. Today, I’m writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full time employees, which is about 7% of our total workforce. These reductions will occur over the coming weeks, with some organizations impacted more than others. We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions. I want to express my personal appreciation for the meaningful contributions they have made to PayPal.