TL; DR Breakdown
- PayPal will close its office in San Francisco
- The firm prefers workers to work remote
- More firms continue to abandon San Francisco
One of the biggest payments companies in the US, PayPal, has announced that it will be shutting the doors of its San Francisco office. However, the report from available sources claims that employees will be able to access its nearby office. In the report made public by the media, the payment company will shutdown its offices housing PayPal and Xoom. The latter carries out money transfers activities globally.
PayPal hints at taking its work remote
According to several statements, PayPal has listed jobs in specific locations in the US, including San Francisco. Also, the firm has about 32 job openings across various international locations. According to a spokesman from the company, PayPal is trying to review the global footprint of its offices. The spokesperson mentioned that the company constantly seeks ways to increase productivity through working efficiency.
The spokesperson noted that PayPal examines its offices to ascertain its footprint on a global scale to determine the success rate of its work. Pointing at the pandemic, the spokesperson discussed how employees could leverage the flexibility to increase their productivity. However, he assures that the company still has its users across the location in mind and would still hire workers from there in the not-so-distant future.
Companies are abandoning San Francisco
A source at the company has pointed out that workers who were let go from the San Francisco office can choose to work remotely. However, an anonymous person on Blind mentioned that the firm might be looking for ways to negate the Prop C tax. San Francisco leverages the tax to provide housing units, which eliminates homelessness. The payment giant released its Q1 report last week, where it claimed that about $323 billion records were for payments volume.
It also announced a massive revenue inflow from transactions, roughly around $6.5 billion. However, the earnings from transactions included its crypto services. PayPal has been working tirelessly to create its stablecoin after it announced a likely foray into that aspect of the financial market. It also went a step further two months ago by setting up a board that will advise on specific aspects of the crypto market.
The San Francisco location houses a very high number of companies spread across Fintech and crypto. However, workers in the area have embraced working outside the office in the last few years following the coronavirus event. Coinbase was the first company that highlighted the closure of local office to focus on its core vision of being a remote company. Early this month, Kraken announced the shutdown of its office in the location following several inhumane activities against its workers.
