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Online payment firm PayPal is set to cut 325 jobs as part of a key restructuring designed to regain a pioneering edge to combat increasing competition.
The cuts come even as PayPal has been growing at a rapid pace. The division reported a 23% increase in revenue to $1.4 billion this autumn, following comparable results earlier in the year, and is on track to soon overtake eBay’s traditional web-based auction site as the company’s largest sector.
PayPal, owned by eBay Inc, said the full-time jobs would be cut when it amalgamates nine development groups into one. They are also cutting over one hundred casual contractors.
PayPal, which was founded in the late 1990s as a Silicon Valley start-up, had almost 13,000 employees earlier this year. Company executives announced that it planned to streamline its PayPal operation, but did not make clear whether the initiative would involve compulsory redundancies.
PayPal’s reorganisation is set to help engineers and designers develop new products and services faster to keep up with new rivals appearing on the market.
The company recently launched PayPal Here, a credit card processing service for small merchants. PayPal is now assembling a small team of engineers and designers to change the company’s central online checkout service.
Oh no, poor people who will lose their jobs with paypal, i suppose i can understand the re-organisation as every where seems to do this, and it will make it easier etc. for developers. I hope those that loose out will find another job quickly
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