Jobs

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

Jon C. Ogg
Published:
Last Updated:

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

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Read more: Jobs, 24/7 Wall St. Wire, Corporate Governance, Labor

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

Latest from 24/7

Millions of Americans Still Benefit From These Depression-Era Public Works...

Cities Where the Most People Ferry to Work

These States Pay Kindergarten Teachers the Most