San Jose, Calif. -- eBay has eliminated approximately 325 jobs from its PayPal division. As a result, the company has announced a planned fourth quarter pretax restructuring charge of approximately $15 million related to staff reductions at the company's PayPal business unit. PayPal also is ending contracts with approximately 120 contractors globally.
The reduction results from a redesign of PayPal's product organization, consolidating nine product groups into a single, more agile organization. The intent is to simplify and speed up how products are developed.
PayPal expects to continue its strong global growth momentum and leadership through online merchant expansion and share of checkout, by driving payments innovation at point-of-sale retail for large, medium and small businesses, and by engaging consumers online and offline with payments products and experiences that offer choice, flexibility, simplicity and security. PayPal currently has more than 117 million active accounts.