28 March 2017
Visit EBAday.com

PayPal axes 325 jobs

29 October 2012  |  5314 views  |  0 blurry people

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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

PayPal takes potshots at mobile wallet

PayPal takes potshots at mobile wallet

15 October 2012  |  12949 views  |  10 comments | 1 linkedin
PayPal taps Discover network to reach millions of US stores

PayPal taps Discover network to reach millions of US stores

22 August 2012  |  7512 views  |  1 comments
PayPal acquires card scanning startup card.io

PayPal acquires card scanning startup card.io

18 July 2012  |  6880 views  |  0 comments
PayPal Here signs up 200k merchants in weeks

PayPal Here signs up 200k merchants in weeks

04 May 2012  |  11513 views  |  0 comments
PayPal names mobile man David Marcus president

PayPal names mobile man David Marcus president

29 March 2012  |  6591 views  |  0 comments
PayPal launches Square rival

PayPal launches Square rival

16 March 2012  |  11700 views  |  4 comments
PayPal creates 1000 jobs in Ireland

PayPal creates 1000 jobs in Ireland

21 February 2012  |  6203 views  |  0 comments
PayPal president Thompson quits for Yahoo

PayPal president Thompson quits for Yahoo

04 January 2012  |  5726 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
12018 views comments | 47 tweets | 31 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
11703 views comments | 33 tweets | 45 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
8290 views 0 | 16 tweets | 4 linkedin
UK to roll out image-based cheque clearing systemUK to roll out image-based cheque clearing...
6833 views comments | 20 tweets | 43 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job