[Techtaffy Newsdesk]

PayPal is cutting 325 jobs, primarily in its product and technology organizations. The company is also ending contracts with approximately 120 contractors globally. The job cuts come as part of a restructuring by its parent company eBay.

The reduction results from a redesign of PayPal’s product organization, consolidating nine product groups into a single, more agile organization.

PayPal currently has more than 117 million active accounts.