About 300 and 400 of the total 13,000 employees will be laid off within the next few weeks
Global online payment solutions provider PayPal is planning to lay off about 3% of its workforce as part of an effort by new president David Marcus to streamline the firm’s operations and trim costs.
As part of the move, about 300 and 400 of the total 13,000 employees will be laid off within the next few weeks and the company will focus on product development, technology and marketing.
PayPal spokesperson said that it has informed employees about plans under way to strengthen and simplify the consistent creation and delivery of products and brand experiences to its customers.
"We have not yet discussed how these plans may impact any existing jobs across our product, technology and marketing teams," spokesperson said.
The current job layoff plans are claimed to be PayPal’s first major job cuts since the financial crisis in 2008.
Marcus became the president of PayPal in early 2012 following eBay’s acquisition of Marcus’ Zong, the mobile payments start-up.
According to reports, Marcus has been attempting to transform PayPal’s focus more towards the customers and to accelerate the product development process.
As part of the programme, employees will also be restructured by moving them from walled cubicles and offices to sit along with management in open rooms.