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Piper Sandler managing director and SR economist Jake Oubina sits down with ‘Mornings with Maria’ to discuss the shift from focusing on inflation to unemployment and the risk of recession on the horizon.
eBay will begin reducing its workforce by approximately 9% – about 1,000 full-time roles – in efforts to “better position eBay for long-term, sustainable growth,” the company announced Tuesday.
In a news release, which was also sent to employees, eBay president and CEO Jamie Iannone said the “fundamental changes” put into place over the past three years have “accelerated the pace of innovation” and resulted in increased customer satisfaction and improved market growth, but “there is more” the company can do to be successful.
“We need to better organize our teams for speed – allowing us to be more nimble, bring like-work together, and help us make decisions more quickly,” Iannone wrote.
Described as the “most significant and toughest of the decisions,” Iannone said the company will reduce its current full-time workforce by an estimated 9%, which is approximately 1,000 roles. eBay will also be cutting down on the number of contracts it has within its alternate workforce.
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eBay will be reducing its workforce by 9% in an effort to better ensure “long-term, sustainable growth,” the company announced Tuesday. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
“These are not actions we take lightly – and we recognize the impact they will have on all eBayers. We have to say goodbye to people who have made so many important contributions to the eBay community and culture, and this isn’t easy,” Iannone wrote.
The company’s decision to eliminate some roles was made after it became clear the “overall headcount and expenses have outpaced” eBay’s growth. Going forward, some teams will be consolidated and aligned with organizational changes that improve experiences and better meet customers’ needs.
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“These changes are difficult, but I’m confident that by working together we will become stronger than ever. In the months ahead, you will see a more focused, agile, and responsive eBay — one that is better positioned to advance our purpose of creating economic opportunity for all,” Iannone concluded.
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The company asked that all U.S. employees work from home on Wednesday to allow for “space and privacy” during the conversations, which will be conducted via Zoom.
eBay said it is “committed to treating everyone with respect and empathy” during this time and support and resources will be provided to impacted employees.
