Ebay cutting10 percent of work force

Online auction giant eBay has announced a ‘lean and mean’ move.

After a series of changes designed to draw more people to its online marketplace, eBay Inc.'s latest alteration is aimed at its own employees.

The auction site operator said Monday it will cut about 1,600 jobs, 10 percent of its work force, in its largest round of dismissals ever.

About 1,000 full-time employees will be gone, while eBay will achieve the rest of the cuts by letting temporary and part-time workers go and by leaving open positions unfilled.

This is a proactive move by eBay. Shares of eBay stock have lost about half their value this year.

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