Tencent Francisco (loudly) in Beijing on October 13th news, according to foreign media reports, sources said Friday, eBay’s online payment platform PayPal is currently planning layoffs of 400, accounting for about 3% of the total number of employees. Under the leadership of David ·, the new president, Marcus (David Marcus), PayPal is restructuring the payment process and cutting spending.

sources said, PayPal layoffs will mainly focus on the product and technology sectors. PayPal has 13 thousand employees. This will be the first time since the 2008 financial crisis PayPal layoffs. It is reported that PayPal layoffs are expected to begin in the next few weeks.

eBay acquisition of mobile payment startups Zong, Marcus had run the business, they entered the eBay. Marcus in April this year as president of PayPal. After taking over the business, Marcus will focus on PayPal more to consumers. Under his leadership, PayPal is currently conducting a comprehensive review to streamline business processes, eliminate excessive meetings and months of project approval process. In June of this year, Marcus merged the 9 PayPal products into a whole. Marcus gradually transformed PayPal’s office, he removed all of the partition panel, for the product, design and engineering team to create a more open working environment, management and employees together.

PayPal said in a statement, we have told PayPal employees, ongoing restructuring will allow us to provide customers with a great product and brand experience. We have not discussed the possible impact of these plans on existing product, technology and marketing team positions."

PayPal is currently facing challenges such as Stripe and other innovative companies, the company also provides online payment services. As competition intensifies, PayPal must work hard to keep the business. Merchants are complaining that the PayPal software takes a long time to complete the installation. Select Stripe service restaurant management services company 86Serving.com CEO Barrett · (Brett), said, according to the PayPal system sometimes takes up to 10 hours of the longest time.

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