PayPal laid off 325 employees on Monday, or a little more than 2% of its staff, in an effort to streamline operations at the company.
The layoffs will be spread across PayPal's tech and product divisions as the payments company consolidates its product operations from nine departments into one. According to a press release from eBay, which owns PayPal, "The intent is to simplify and speed up how products are developed."
In addition to the more than 300 full time staffers who are being let go, PayPal will also terminate contracts with about 120 contractors worldwide.
This marks the first significant cut to PayPal's staff since 2008, during the middle of the financial crisis. eBay will take a pre-tax restructuring charge of $15 million from the layoffs.