Up to 400 workers at eBay‘s (NASDAQ:EBAY) PayPal unit will soon get pink slips, unnamed insider sources told Bloomberg.
The job cuts, which represent about 3% of PayPal’s payroll, will fall most heavily at the company’s product and technology units and will occur in the coming two weeks.
PayPal currently employs about 13,000 workers. Sources said the total layoffs could range between 300 and 400 workers. The company is looking to trim costs and restructure operations under the direction of CEO David Marcus, who assumed the top spot in April.
Marcus is hoping to reduce the time it takes management to approve company projects and reduce the number of employee meetings, in addition to other operational objectives.
Analysts say the company has become over-sized and is in danger of become less nimble than competitors in the fast-changing mobile payments market.
PayPal representatives declined to confirm or deny reports of possible staff cuts.
Shares of eBay slipped more than 1% in mid-day trading on Monday.