US Internet retail giant eBay said Monday it would cut 235 jobs as part of a reorganisation of its PayPal financial division to make it "more agile" with a simplified business structure. The California firm also said it would cut about 120 contractors working with PayPal in the restructuring, a plan which calls for a $15 million charge against earnings.
"The reduction results from a redesign of PayPal's product Organization, consolidating nine product groups into a single, more agile Organization," a company statement said. "The intent is to simplify and speed up how products are developed. PayPal expects to continue its strong global growth momentum and leadership." PayPal, which currently has more than 117 million active accounts, provides person-to-person payments online but also offers payment options for merchants and has been moving into digital wallets.