PayPal is expected to cut around 400 jobs (3% of their workforce) in an effort by President David Marcus to trim costs according to sources with Bloomberg. The cuts will affect 300 positions out of 13,000. The cut-backs will happen in the next few weeks.
Marcus became PayPal’s President this past April. He wanted to cut down on inefficiencies like too many meetings and project approvals that took months. Marcus started making the company over as of June and he consolidated 9 product groups into 1. Workers are being moved from cubicles to more open rooms and management will sit among the staff.
?We have told PayPal employees about plans under way to strengthen and simplify how we create and deliver consistently great products and brand experiences to our customers,? said PayPal in a statement. ?We have not yet discussed how these plans may impact any existing jobs across our product, technology and marketing teams.?