PayPal Holdings Inc. said it will cut 2,000 staffers as it contends with a macroeconomic slowdown that’s weighed on the firm’s business in recent quarters.

The cuts, which will affect about 7% of staff, will happen in the coming weeks, Chief Executive Officer Dan Schulman told employees in a memo.

“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,” Schulman said.

Schulman has been vocal about his plans to improve his firm’s operating leverage — or the ability to grow revenue faster than expenses — and PayPal last year embarked on a cost-cutting initiative that it said would result in $1.3 billion in savings this year.

Still, the company’s stock has been battered by the slowdown in growth in payments on its platform after the pandemic, which spurred a wave of online spending, began to recede.