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Wednesday, January 21, 2015

EBay to cut jobs, sell enterprise unit ahead of PayPal split, (NASDAQ: EBAY)

EBay Inc plans to cut its workforce by 7 percent, or 2,400 jobs, in the current quarter and is exploring a sale or public offering of its enterprise unit as the e-commerce company prepares to split from its payments division, PayPal, this year. The jobs will be cut across the marketplace, payments and enterprise divisions, eBay said on Wednesday in its fourth-quarter earnings report.EBay said it entered into a standstill agreement with Carl Icahn, its largest active shareholder, and appointed to its board Icahn Capital executive Jonathan Christodoro. It also is adding two Wall Street bankers to its board, expanding the number of directors to 15.PayPal agreed to adopt a number of measures proposed by Icahn, which the billionaire said enhanced corporate governance at the payments giant."Looking forward to 2015, we will be simplifying organizational structures to focus the businesses and ensure that we are set-up to compete and win," eBay said.

eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY fell by 0.56% or $-0.3/share to $53.38. In the past year, the shares have traded as low as $46.34 and as high as $59.70. On average, 8142000 shares of EBAY exchange hands on a given day and today's volume is recorded at 15663578.