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PayPal shuttering its San Francisco office

A PayPal office

PayPal is reportedly shuttering its office in San Francisco, California.
Source: The Edge Markets

Reportedly, PayPal is shuttering its office in San Francisco, California as it sets on to evaluate its global office footprint. According to various sources, the company is shutting its office at 425 Market Street, San Francisco. As specified in reports, this particular office housed the Xoom business unit of the company. In the year 2015, PayPal took over Xoom, which is mainly a platform for online money transfer technologies and services.

Sources familiar with the internal matters of the company stated that the workers that were posted in that office would now work virtually from the PayPal headquarters stationed at San Jose. However, it is still not clear as to how many of such workers are impacted by this decision.

A spokesperson from PayPal stated how the company was dedicated to determining as to how they could work in ‘the most efficient and collaborative ways possible.’ Moreover, they would specifically calculate their global office footprint, and spaces to make sure that the company, along with employees are on the right track. They added that the covid-19 pandemic had taught the company about the various ways they could work ‘effectively,’ and provide flexibility to all the workers. PayPal, they said, would continue to be entirely committed to the Bay Area, and to California. They would keep on hiring into and invest their ‘business and people working within the state.’

At PayPal, we are continually looking at and evolving how we can work in the most collaborative and efficient ways possible, and we routinely evaluate our global office footprint and spaces to ensure that our company and our employees are best set up for success.

On the anonymous professional network, Blind, an individual had visibly commented on a particular post connected to this topic. They speculated that the reason behind this step could be San Francisco’s Prop C. This levied a tax on many businesses in the city that reportedly earned more than $50 million in gross receipts. The proceeds are to be mostly directed towards housing and services, in order to try and solve the city’s challenges surrounding homelessness. Similarly, Stripe, another fintech, exited its headquarters in San Francisco in 2020, shifting all the way to South San Francisco.

<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>&quot;An individual speculated that the reason behind the move could be SF’s Prop C, which levied a tax upon any biz that earns more than $50 million in gross receipts. Proceeds are to be directed toward housing the homeless.&quot;<a href=”https://t.co/beBhqldzcN”>https://t.co/beBhqldzcN</a></p>&mdash; Sam (@SamSullivan) <a href=”https://twitter.com/SamSullivan/status/1519487200970395650?ref_src=twsrc%5Etfw”>April 28, 2022</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

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