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PayPal (EBAY) is cutting up to 400 jobs (~3% of its workforce), primarily in its product and...

  • Friday, October 12, 2012, 6:25 PM ET
    PayPal (EBAY) is cutting up to 400 jobs (~3% of its workforce), primarily in its product and technology groups, a source tells Bloomberg. The cuts appear to be part of new PayPal chief David Marcus' efforts to overhaul the online payments leader, rather than the result of any business weakness. Bloomberg notes Marcus consolidated 9 product groups into 1 in June.
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    I can't imagine how cutting product and technology expertise in the competitive and technology-intensive field of IT services could serve any purpose other than putting bonuses for short-term cost reduction into Ebay's overpaid top management's pockets.

    Ebay and Paypal have offered clumsy execution and policies as a rule and used their clout with millions of captive Ebay sellers to pay for the damage. Equity buyer beware.
    13 Oct 2012, 09:53 PM Reply Like
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