Internet Payments Company ascertains PayPal will cut 325 jobs as part of companywide reorganization, president said on Monday. The layoffs will hit PayPal’s product and technology organization hardest. That’s where nine product groups will be collapsed into a single group, eliminating internal barriers between teams formed around products.
The PayPal President, David Marcus wrote in a memo that was posted on Eldridge Financial Blog, “instead of being organized around projects, our team will now be dedicated to products and focused on our customers-consumers, developer, small businesses and large retailers.” The changes will also hit around 120 contract workers who are based around the world.
PayPal management is currently having a hard time in making decisions that could give a major impact to their employees despite of the good and strong performance of them at PayPal. Eldridge Financial forecasts changes will enable PayPal to introduce new products faster than before. At the present, PayPal is owned by eBay and is one of three companies held by the online marketplace operator. The other two, which collectively make up eBay’s payments division, are Bill Me Later and Zong. In its most recent quarter, the period from July to September, eBay said its payments division recorded net revenue of US$1.26 billion (£785 million). That was a jump of 23 percent from the same period in 2011.
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