PayPal Cuts 325 Jobs, Consolidates Groups
PayPal took a hatchet to 325 jobs Monday, as part of a restructuring. The eBay unit says those affected are primarily from its product and technology operations. In addition to the layoffs, PayPal is severing its relationships with roughly 120 contractors worldwide. With the reorganization, it's consolidating nine of its product groups into one to accelerate and simplify its product development. The timing layoff comes less than two weeks after eBay announced its third quarter financial results. At the same time, eBay gave a fourth quarter forecast that fell short of what Wall Street expected to hear. Two weeks ago, rumors began to float that layoffs were planned at the online payments pioneer. At the time, a spokesperson told Dice News that there had been "no discussions within the company about how plans for revamping product development processes could affect existing jobs."