Laying off staff
PayPal is to lay off 325 full time workers and will cut ties with 120 contractors. The move comes as part of David Marcus’ plan to restructure product organisation, as 9 groups are simplified into one in a bid to develop products faster and simplify the product programme. The employees were primarily from product and technical departments, and eBay will take a USD 15 million fourth quarter pre-tax restructuring change.
Earlier in the month the company reported 23% increase on it third quarter revenues and has around 117 million active registered accounts.
“PayPal expects to continue its strong global growth momentum and leadership through online merchant expansion and share of checkout, by driving payments innovation at point-of-sale retail for large, medium and small businesses, and by engaging consumers online and offline with payments products and experiences that offer choice, flexibility, simplicity and security,” said a spokesman for the firm.
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