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Jobs

eBay/PayPal Joins the Layoff Kings Club, Fires Workers and Contractors

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By Jon C. Ogg Updated Published
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courtesy of ebay
It was just last week that 24/7 Wall St. announced the new Layoff Kings For Late 2012. While eBay Inc. (NASDAQ: EBAY) was not officially listed as a layoff company, we had noted that there was a prior indication that eBay was going to announce streamlining efforts which included layoffs for its PayPal business unit. eBay is confirming that it will have layoffs now, on a day where equity markets are closed.

PayPal today informed approximately 325 employees of “job eliminations” which are called firings to the rest of us. And for the infomercial for layoffs… But wait, there’s more. PayPal said that it is also ending contracts with approximately 120 contractors globally.

eBay has outlined plans for a fourth quarter pre-tax restructuring charge of approximately $15 million due to the staff reductions in eBay’s PayPal business unit. The layoffs were said to be targeted at the product and technology organizations. eBay did say that the charge will hit only the GAAP earnings rather than the non-GAAP results.

eBay said, “The reduction results from a redesign of PayPal’s product organization, consolidating nine product groups into a single, more agile organization. The intent is to simplify and speed up how products are developed.” PayPal currently has more than 117 million active accounts.

Read Also: Meet the New Layoff Kings of Late 2012

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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