PayPal will reportedly cut 3 percent of its workforce, or about between 300 and 400 jobs.
Multiple news agencies report that the payment processor will tighten its breeches by laying off staff, citing sources close to the matter. However, no estimates of when cuts would start were given.
PayPal employs about 13,000 people, according to Reuters, which states that cuts would be made in product development, technology and marketing personnel. The cuts come under David Marcus, who became PayPal’s president in March.
A PayPal spokesman characterizes the layoff reports as rumors, but notes that the company has told employees about “plans underway to strengthen and simplify how we create and deliver consistently great products and brand experiences to our customers.”
“We have not yet discussed how these plans may impact any existing jobs across our product, technology and marketing teams,” the spokesman continues. “Any changes will be communicated to our employees first, not to media. We will not comment on rumors or speculation.”
PayPal recently restructured its global organization, including product development, to make mobile payments the core focus.
