PayPal to cut several hundred jobs, say reports
PayPal is cutting 3 percent of its workforce, or from 300 to 400 jobs, as new President David Marcus looks to streamline operations and trim costs, according to reports.
Bloomberg cited an unnamed source in reporting the news, and Reuters followed with its own report later in the day, also citing an anonymous source.
PayPal's product and technology groups would be hardest hit by the cuts, which will occur in the next few weeks, Bloomberg said. PayPal currently employs about 13,000 people.
The company is facing competition in the online-payments market from startups like Stripe and WePay. It'… Read more