PayPal axes 325 jobs
29 October 2012 | 5530 views | 0
PayPal is laying off around 325 full-time staffers and severing ties with another 120 contractors as new boss David Marcus embarks on a "product simplification" programme.
The firm told 325 employees, primarily in product and technology, today that they were losing their jobs. Parent eBay will take a $15 million fourth quarter pre-tax restructuring charge.
The cuts are the results of a redesign of PayPal's product organisation, consolidating nine groups into a single, "more agile" one designed to make is easier and faster to develop products.
Earlier this month PayPal reported a 23% increase in third quarter revenues to $1.4 billion, and more than 117 million active registered accounts as the e-commerce veteran continued its push into the high-street and mobile arenas.
Says the firm: "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."