PayPal is closing its San Francisco office and assessing its global footprint.
Numerous sources say the major payment company is closing its San Francisco office at 425 Market St. which is located in the commercial section of Xoom. PayPal found Xoomwhich is the focus Internet remittance technology and services, 2015.
A source close to the company’s internal affairs said that the staff who worked in that office will be seriously committed to their ability to work in the company’s central office in San Jose. It is unclear how many employees were affected by the decision.
A PayPal spokesman told TechCrunch:
At PayPal, we are constantly reviewing and developing how we can work in the most efficient and effective ways possible, and we regularly evaluate our international offices and spaces to ensure that our company and our employees are the best for success. Propagation, in particular, has taught us that there are many ways we can work more efficiently by giving our employees flexibility. PayPal is fully committed to the Bay Area and California and we will continue to hire and invest in our businesses and people working in the state.
An individual commented on an article on the topic of an anonymous professional network, IndhooleIt is rumored that the reason behind this move is San Francisco’s Prop C, which imposed a tax on every San Francisco business earning more than $ 50 million in gross receipts. Proceeds should be directed towards housing and services in an effort to address the city’s challenges of homelessness.
Fintech kale, Stripe, out of its headquarters in San Francisco 2020 in South San Francisco.
This is a growing story.