PayPal Plans to Cut 400 in Product and Tech Groups
Facing competition from established players like Google Checkout and Bitcoin as well as startups like Stripe, PayPal plans to lay off up to 400 employees. The cuts, which equal about 3 percent of the company's employees, will primarily hit the eBay unit's product and technology groups, Bloomberg reports. Given CEO David Marcus's vows to shake things up at the online-payment granddaddy, the move may not have been entirely unexpected. When chief executives start sending messages about shaking things up, layoffs are often part of their equation. Marcus also seems to be taking a visible role in improving the company's customer service.