eBay Bites Bullet, Jettisons 1,000 Jobs
Online auctioneering pioneer eBay announced it will slash 1,000 jobs and acquire online payment processor Bill Me Later for $820 million in cash and $125 million in outstanding options. The 1,000 layoffs will cut San Jose, Calif.-based eBay’s total workforce by 10 percent and will result in a pretax restructuring charge of about $70 million to $80 million, most of which will be recorded in the fourth quarter. “These reductions will help improve our operations and strengthen our ability to continue investing in growth,” said eBay President and CEO John Donahoe.
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eBay Bites Bullet, Jettisons 1,000 Jobs
