eBay to Cut 2,400 Jobs, Weighs Second Spinoff

eBay has made billions reinventing ways to sell items on the internet. Now, in the face of declining growth, the company must reinvent itself once more. Facing stiff competition and the declining growth of its auctions business, eBay announced a shake-up of the company on Wednesday, saying it planned to cut 2,400 positions, or 7 percent of its global workforce. "It's going to get a little bit worse before it gets better," said Bob Swan, chief financial officer of eBay, citing declines of traffic and repeat customers in the company's online auction business.