Paypal slashes 445 jobs to improve development process
10/29, 5:30pm
Nine independent programing teams combined into one
Online payment firm Paypal is cutting 325 full-time employees and 120 contractors as part of a reorganization by new president David Marcus. The firm said Monday that the jobs would be eliminated as it consolidates nine programming and product development groups into a single organization. Ebay will take a $15 million pre-tax restructuring charge in the fourth quarter related to the job cuts.