PayPal raids banking sector

PayPal raids banking sector

PayPal has added three banking veterans - Wachovia's John McCabe, Citi's Ed Eger and Renier Lemmens from Barclays - to its executive team.

McCabe has been appointed senior vice president, worldwide operations, where he will be responsible for PayPal's risk, customer support and payment operations. Previously he was executive vice president of Wachovia Direct Access, leading the bank's call centres in 15 domestic and global locations, serving 20 lines of business and approximately 15 million customers.

Eger takes on the role of SVP, transaction management, covering risk management and core payment processing worldwide. Before joining the firm he was CEO of Citigroups' international consumer credit card business, responsible for an organisation spanning 50 countries and serving more than 40 million customers.

Lemmens will lead PayPal's business in Europe, where he will be responsible for expanding use of the service on eBay and other e-commerce sites across the region, as well as supporting European developer adoption of PayPal X, the firm's platform initiative. He recently served as COO of Barclays' international retail and commercial banking unit.

All three will report to PayPal president Scott Thompson.

Says Thompson: "PayPal has a clear goal to power e-commerce around the world. To achieve this, we're focused on driving a better experience for our customers and increasing usage around the world. I'm confident that John, Ed and Renier are the right people to help PayPal realise the tremendous opportunity that's ahead for our business."

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