PayPal today informed approximately 325 employees of “job eliminations” which are called firings to the rest of us. And for the infomercial for layoffs… But wait, there’s more. PayPal said that it is also ending contracts with approximately 120 contractors globally.
eBay has outlined plans for a fourth quarter pre-tax restructuring charge of approximately $15 million due to the staff reductions in eBay’s PayPal business unit. The layoffs were said to be targeted at the product and technology organizations. eBay did say that the charge will hit only the GAAP earnings rather than the non-GAAP results.
eBay said, “The reduction results from a redesign of PayPal’s product organization, consolidating nine product groups into a single, more agile organization. The intent is to simplify and speed up how products are developed.” PayPal currently has more than 117 million active accounts.
JON C. OGG
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