­Online payments giant, PayPal has made 325 staff redundant today. The job cuts are primarily in its product and technology organizations. PayPal also is ending contracts with approximately 120 contractors globally.

The company said that the reduction results from a redesign of its product organization, consolidating nine product groups into a single, more agile organization. The intent is to simplify and speed up how products are developed.

PayPal's parent company, eBay said that it would take a fourth quarter pretax restructuring charge of approximately $15 million related to the staff reductions.