eBay reduce workforce by 10%: economy not to blame

The Internet auction website eBay have announced on Monday that they are to lay off 10% of their workforce. It is thought that 1,000 employees and a few hundred temporary workers will lose their jobs. eBay have said that the decision to lay off 10 percent of their workforce has nothing to do with the current slowdown in the economy.

eBay are working towards improving the performance of their core marketplace division, as this area has seen a decline into single digit growth.

eBay also announced that they were acquiring Bill Me Later, this is a payments firm which is based in Timonium, Md., eBay have paid $945 million in cash and stock. The online auction company is to combine the company, eBay will then combine their payment service, which handles payments for companies such as, Wal-Mart Stores and Continental Airlines.

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