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Paypal slashes 445 jobs to improve development process

10/29, 5:30pm

Nine independent programing teams combined into one

Online payment firm Paypal is cutting 325 full-time employees and 120 contractors as part of a reorganization by new president David Marcus. The firm said Monday that the jobs would be eliminated as it consolidates nine programming and product development groups into a single organization. Ebay will take a $15 million pre-tax restructuring charge in the fourth quarter related to the job cuts.

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