PayPal to Layoff 325 Employees

(Best Syndication News) - EBay Inc. (NASDAQ: EBAY) announced layoffs of 325 employees from their PayPal business. This is part of eBay’s planned fourth quarter pretax restructuring. Paypal will also be ending around 120 contracts globally.

The 325 employees were notified today of the elimination of their jobs, the majority of which were in the product and technology department. The PayPal business is being consolidated from nine product groups into a single group. EBay said that reorganizing PayPal will help to improve the product development process.

PayPal currently has 117 million active accounts. EBay plans to continue to grow PayPal with their payments accepted both online and offline. The restructuring should affect GAAP earnings, not non-GAAP results.

By: Dave Reddy

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