The e-commerce online payment firm, PayPal is planning to slash around three percent jobs of its employees as it plans to restructure its operations under the leadership of David Marcus, its new President. The news was confirmed by a person familiar with the matter, who chose to stay anonymous.
A merge of eBay, PayPal is expected to layoff over 300 employees. The firm is speculated to focus more on product development, technology, and marketing. Currently, PayPal employs around 13,000 people.
If rumors are to be believed, this slash of jobs would mark to the firm’s first major reductions since the financial crisis in 2008.
Marcus took over as PayPal’s president earlier this year after eBay bought Zong, which is the mobile payments start-up he ran. Ever since his employment with PayPal, Marcus is trying to shift the firm’s focus to consumers, working on to speed up the process of product development. The company is also investing revenue in trying to develop new products.