eBay personnel shake-up

Ebay, the world's largest e-tailer and online auction house is letting go 1,000 of its full-time employees and about several hundred temporary workers, according to a company statement. The reductions were needed "to simplify and streamline eBay's organisation, improve the company's cost structure and strengthen the overall competitiveness of the company 's existing businesses."

The company expects restructuring charges of about 70 million to 80 million dollars (£40m-£46m) as a result of the cuts, mostly in the fourth quarter. EBay said the reductions will lead to 150 million dollars (£86.4m) of annual cost savings.

The latest round of cuts follows eBay's announcement earlier this year that it was cutting 125 jobs in Europe and North America, including 70 posts at its headquarters in San Jose, California.