PayPal is cutting back its sizable presence in Baltimore County, with hundreds of employees are losing jobs as a result.
The fintech giant plans to lay off 380 people in Hunt Valley as part of plans to close a pair of offices, the company confirmed.
Layoffs are scheduled to take place in late June 2019. The Silicon Valley-based company filed notice of the job cuts with the State of Maryland’s Department of Labor, Licensing and Regulation.
“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,” a PayPal spokesperson said in a statement. “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.”
Services offered will include career coaching, job search and resume assistance, information on networking and interview training.
That office is primarily responsible for customer contact activities for PayPal Credit in the U.S., including servicing and collections. In a wider move, PayPal is transitioning the consumer credit portfolio to Synchrony Financial in a $7 billion deal, Techcrunch reported, so the local closure comes as a result. The company also plans to cut 183 jobs in California’s Bay Area, The Mercury News reported this week.
The company built up a presence in Baltimore County following the 2008 acquisition of Bill Me Later by eBay. Bill Me Later became PayPal Credit following the acquisition, and continued to hire tech talent.
PayPal also maintains a second office in nearby Timonium, which will remain open. Details on how many people are employed at that office were not available.