Internet payments company PayPal will cut 325 jobs as part of a companywide reorganization, its president said Monday.
The layoffs will hit PayPal?s product and technology organization hardest. That?s where nine product groups will be collapsed into a single group, eliminating internal barriers between teams formed around products.
?Instead of being organized around projects, our teams will now be dedicated to products and focused on our customers?consumers, developers, small businesses and large retailers,? David Marcus, PayPal president, wrote in a memo that was posted online.
The changes will also hit around 120 contract workers who are based around the world.
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