PayPal Shuttering Its San Francisco Office

PayPal is shuttering its San Francisco office as it evaluates its global office footprint. TechCrunch reports: Multiple sources say the payments giant is closing its San Francisco office on 425 Market St. which housed its Xoom business unit. PayPal acquired Xoom, which is focused on online money transfer technology and services, in 2015. A person familiar with internal happenings at the company said the employees that worked out of that office will work virtually with the ability to work from the company's headquarters office in San Jose. It is unclear how many employees are affected by the decision. An individual who commented on a post on the topic on the anonymous professional network, Blind, speculated that the reason behind the move could be San Francisco's Prop C, which levied a tax upon any San Francisco business that earns more than $50 million in gross receipts. Proceeds are to be directed toward housing and services in an attempt to address the city's challenges with homelessness.

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