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PayPal is cutting 3% of its workforce, 300 – 400 jobs

PayPal is cutting 3 percent of its workforce, approximately 300 to 400 employees, according to Bloomberg (citing an unnamed source) and a later report from Reuters. PayPal currently employs about 13,000 people. Its product and technology groups are expected to be hardest hit by the cuts, which will occur in the next few weeks. According to CNET News:

The company is facing competition in the online-payments market from startups like Stripe and WePay. It’s also taking on payment wunder-company Square with its PayPal Here smartphone-friendly credit card reader.

The new PayPal President, David Marcus, came to eBay-owned PayPal in July of last year, when eBay bought Zong, the mobile-payments company he founded.

Both Bloomberg and Reuters published the following statement from PayPal in response to their inquiries: “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.” And Bloomberg added more from the e-mail it received: “We have not yet discussed how these plans may impact any existing jobs across our product, technology and marketing teams.”

-Bill at

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