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eBay To Cut 2,400 Jobs In 1st Quarter Ahead Of PayPal Spinoff

SAN JOSE (CBS/AP) - EBay (EBAY) plans to cut 2,400 jobs, or 7 percent of its staff, in the first quarter to simplify its structure and boost profit ahead of a planned separation of its business.

The e-commerce company said Wednesday that the jobs fall across its marketplaces, PayPal and enterprise businesses.

The San Jose-based company also says it plans to spin off or sell the enterprise unit, which develops online shopping sites for brick-and-mortar retailers.

EBay has been planning to spin off its PayPal payments business in the second half of the year.

The company also says it agreed with activist investor Carl Icahn, who pushed eBay to spin off PayPal, to name an executive from Icahn's investment firm to eBay's board. Icahn holds a nearly 8 percent stake in eBay.

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