EBay’s PayPal Said to Cut as Many as 400 Jobs
EBay Inc. (EBAY)’s PayPal is cutting as many as 400 jobs, or about 3 percent of the workforce, an effort by President David Marcus to reorganize the payment processor and trim costs, a person with knowledge of the plans said yesterday.
PayPal is eliminating jobs primarily in its product and technology groups, according to the person, who asked not to be named because the plans are private. The cuts, which will affect at least 300 out of 13,000 jobs, are set to happen in the next few weeks, the person said.
Marcus, who took over in April, is leading an overhaul to streamline a business marked by inefficiencies such as excessive meetings and a months-long project-approval process. He started the makeover in June by consolidating nine product groups into one. Workers also will be reorganized — moved from walled cubicles and offices to open rooms, where management will sit among staff.
Read the full story on Bloomberg here.
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