The economy is still looking pretty bleak. Even with companies posting strong quarters, those same companies are axing jobs in order to remain nimble and profitable. That's something that shouldn't be happening, yet it is and its a sign of our economy's state. PayPal is the latest to join the businesses who fit this description.
PayPal has announced that around 325 jobs will be cut as David Marcus, PayPal's president who took over seven months ago, continues a major shakeup of the organization of PayPal. The majority of these cuts will be coming out of PayPal's product and technology units as PayPal merges nine product-development teams into one.
325 employees makes up roughly 3 percent of PayPal's workforce. eBay will be taking a fourth-quarter pretax charge of nearly $15 million. "The intent is to simplify and speed up how products are developed. 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," eBay said in a statement.