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PayPal planning to cut 325 jobs even with a strong quarter showing

PayPal axing 325 jobs as a major restructuring marches forward

Trace Hagan | Oct 29, 2012 at 4:22 pm CDT (0 mins, 58 secs time to read)

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 planning to cut 325 jobs even with a strong quarter showing | TweakTown.com

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.

Last updated: Apr 7, 2020 at 11:29 am CDT

NEWS SOURCE:news.cnet.com
Trace Hagan

ABOUT THE AUTHOR - Trace Hagan

Trace is a starving college student studying Computer Science. He has a love of the English language and an addiction for new technology and speculation. When he's not writing, studying, or going to class, he can be found on the soccer pitch, both playing and coaching, or on the mountain snowboarding.

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