Online payments giant PayPal has shed 325 full-time jobs, primarily in its product and technology organisations, as part of restructuring to streamline its business and accelerate product development.
The company is combing nine product groups into one and is also ending contracts with about 120 contractors worldwide.
PayPal’s parent company, eBay Inc, will take a US$15m pretax restructuring charge in the fourth quarter related to the job cuts.
In a blog post, PayPal’s president David Marcus said the company has been redesigning its product organisation.
“We are creating agile teams of designers, engineers and product managers. Instead of being organised around projects, our teams will now be dedicated to products and focused on our customers – consumers, developers, small businesses and large retailers.
“While PayPal is strong and performing well, making decisions that impact our employees was hard,” Marcus wrote.
“Moving forward, I’m confident these changes will make PayPal even better and stronger. Our customers can expect faster innovation and great products and experiences that make their lives simpler. That’s our commitment – every day.”