eBay announces job cuts

eBay has said it is laying off 10% of its workforce, as part of a move to streamline the business.

The amount is approximately 1,000 staff and hundreds of temporary workers. It is also expected a number of "open" positions will now be closed.

The firm hopes to cut costs and strengthen the organisation and its competitiveness. EBay - which already owns online payment firm Paypal - has signed an agreement to buy Bill Me Later for $820m in cash and $125m in options.

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



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