PayPal, the payment processing company that would suspend users' accounts based on conservative politics, has reportedly begun company-wide layoffs.

Originally published by The Information, PayPal began layoffs on Tuesday. PayPal is the latest tech company to cut jobs, as newly appointed CEO Alex Chriss seeks to cut costs and improve profits.

Natasha Mascarenhas and Mark Matousek reported, "PayPal's human resources team told staffers in a meeting of layoff plans, described as part of a cost-reduction effort, according to an employee who was in the meeting. The layoffs affected people across multipe teams, including engineering and research and development, according to LinkedIn posts from employees who were laid off."

The news comes as The Wall Street Journal also reported restructuring in Washington, D.C., according to Axios.

Last week, the Los Angeles Times, Sports Illustrated, and other companies also announced layoffs.

This is a developing story.