eBay to lay off 10% of global workforce

Online auction house eBay is showing the effects of the global credit crunch with the news that it's to lay off 10% of its global workforce.

According to The Guradian, eBay is looking to save over £85m per year due to a fall in sales figures and will be forced to offer redundancy to over 1,000 of its employees.

Conversely, the online auction company is planning to spend over $1.3bn to buy up other online businesses as it attempts to boost its dwindling sales figures. These include Bill Me Later, which allows consumers without credit cards to purchase on eBay via PayPal.

Bill Me Later also allows retailers to offer consumers buy now, pay later deals as well as interest-free credit. But many economic analysts believe that the move could see eBay further exposed to the worsening economic situation across the pond.

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