San Jose, California-based PayPal Holdings, the iconic worldwide online electronic payments system, has announced a restructuring effort that will result in the loss of 183 employees in California. 160 employees at their San Jose, California headquarters and and additional 23 employees in their San Francisco, California offices.
According to a company spokesperson, "From time to time, PayPal conducts small-scale restructuring efforts to align teams to support key business priorities. These decisions are part of the company’s efforts to continually enhance the way we operate."
In Maryland, an estimated 380 employees will be laid off as PayPal closes their two Hunt Valley, Maryland Global Operations facilities and outsources servicing and collections to Synchrony Bank. PayPal transferred their consumer credit operations to Synchrony in a deal where Synchrony acquired PayPal’s $7.6 billion receivables portfolio.
According to a company spokesperson, “We value the work of our Hunt Valley teammates and are making every effort to the identify new opportunities for them both inside and outside of PayPal. We are fully committed to helping employees transition to the next steps in their careers. For those whose roles will be eliminated, we are providing comprehensive separation packages, career outplacement services, and employee assistance programs.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?