Reuters: Technology News: PayPal plans first job cuts since 2008 financial crisis

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PayPal plans first job cuts since 2008 financial crisis Oct 12th 2012, 22:48 Tweet Share this Email Print Related News Exclusive: EBay tests deals on services, takes on Groupon Wed, Oct 10 2012 Amazon offering loans to its online sellers Thu, Sep 27 2012 Analysis & Opinion Jack Dorsey's impractical double duty Counterparties: Is Newsweek real? Visitors walk past an Ebay and PayPal banner at the Mobile World Congress in Barcelona February 28, 2012. Credit: Reuters/Albert Gea By Alistair Barr SAN FRANCISCO | Fri Oct 12, 2012 6:48pm EDT SAN FRANCISCO (Reuters) - PayPal is planning to cut as much as 3 percent of its workforce as the payments division of eBay Inc looks to streamline its operations under new President David Marcus, a person familiar with the situation said on Friday. The reductions are expected to total between 300 and 400 and be focused in product development, technology and marketing, the person said on condition of anonymity because the plans are not public. PayPal has almost 13,000 employees. The job cuts will be PayPal's first major reductions since the financial crisis in 2008. Marcus became president of PayPal earlier this year after eBay acquired Zong, the mobile payments start-up he ran. Since taking over, Marcus has been trying to shift PayPal's focus more to the consumer. He has also been working to speed up the product development process, which has become bogged down in lengthy procedures in recent years. "We have told PayPal employees about plans under way to strengthen and simplify how we create and deliver consistently great products and brand experiences to our customers," a PayPal spokesman said in a statement emailed to Reuters. He declined to comment on how such plans may affect jobs at the company. PayPal's plans for job cuts were reported earlier on Friday by Bloomberg News. (Reporting by Alistair Barr; Editing by Jan Paschal) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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