Online payment specialist PayPal has cut some 325 employees from its ranks in a massive layoff campaign.
The company said that it had cut the jobs as part of an ongoing effort to restructure its core businesses and consolidate its operations.
"The reduction results from a redesign of PayPal's product organisation, consolidating nine product groups into a single, more agile organisation," the company said in a statement.
"The intent is to simplify and speed up how products are developed."
In addition to the job cuts, PayPal said that it would be ending its contracts with some 120 worldwide contractors.
The company estimates that the costs related to the layoffs and contract terminations will cause it to take a $15m hit in its upcoming financial quarter.
"PayPal expects to continue its strong global growth momentum and leadership through online merchant expansion and share of checkout, by driving payments innovation at point-of-sale retail for large, medium and small businesses, and by engaging consumers online and offline with payments products and experiences that offer choice, flexibility, simplicity and security," the company said.
PayPal has in recent months been looking to remake itself with a focus on processing transactions and card payments. Earlier this summer the company agreed to acquire mobile payment specialist Card.Io for an undisclosed sum.
The eBay subsidiary has also worked to expand its payment processing lines in recent months, rolling out an extension for its Here payment service for small businesses and independent online retailers.
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