U.S. PayPal Holdings Inc (NASDAQ:PYPL). the payment system operator, plans to cut about 7% of its employees as part of an overall cost-cutting program.

The cuts will affect about 2,000 jobs, Chief Executive Officer Dan Shulman told employees.

“While we have already made serious progress in optimizing our cost structure by focusing resources on our top priorities, there is still a lot of work ahead,” Shulman said in a statement to employees quoted by Market Watch. “We must continue to change as the world around us, our customers and the competitive landscape evolves,” he said.

PayPal employees subject to the cuts will be notified in the coming days and weeks.

That said, the company will continue hiring in strategic areas of the business, company spokeswoman Amanda Miller told Market Watch.

Last August, PayPal announced its intention to achieve cost savings of at least $1.3 billion in 2023.

PayPal’s stock has fallen 39% over the past year.