eBay announces to lay off 1,000 (10%) employees

Online auction giant eBay has announced that it will cut 1,000 jobs from its workforce. This is considered the biggest job cut by the company that is almost 10% of its workforce. The step is being taken to improve operations and streamline the business.

In the cutbacks, hundreds of other temporary workers may also lose their jobs.

Aside from announcing the job cuts, the company said that it was going on the acquisition trail to buy online payments site Bill ME Later.The company also revealed that it would buy two Danish classified advertising websites i.e. dba.dk and bilbasen.dk in US$ 390m.

Online payment firm Paypal is already owned by eBay and now the company has signed a deal to purchase Bill Me Later in $820m.

eBay president and chief executive John Donahoe said in a statement that Bill Me Later and PayPal belong together.

“Now we have developed a powerful combination of the two major online payment products and both these companies have proven benefits for online merchants and consumers.” He added.