eBay to sack 1000 staff as cost of living crisis crushes company growth

The online retail giant is the latest company to slash its workforce, with nearly 10 per cent of its workforce to be sacked via Zoom.

eBay will sack almost one in 10 of its employees across the world via Zoom, as the online marketplace battles the cost of living crunch

Chief executive Jamie Iannone says the company’s “overall headcount and expenses” are larger than its current growth, leading to the decision to axe about 1000 roles in the coming months.

The job cuts will be global and it is not yet known how many Australians will be affected, though Mr Iannone has requested all US staff work from home this week until it is decided which roles will be “eliminated”.

It's not yet known how many Australian jobs will be lost.

Mr Iannone noted slowing economic conditions and the inflation crisis as factors in the redundancies.

“Despite facing external pressures, like the challenging macroeconomic environment, we know we can be better with the factors we control,” Mr Iannone said.

“While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business.

“To address this, we’re implementing organisational changes that align and consolidate certain teams to improve the end-to-end experience, and better meet the needs of our customers around the world.”

Australia is one of eBay’s most prominent markets, with the company holding naming rights to a skyscraper in Sydney’s CBD.

The axe is due to swing in the coming days, with those who are made redundant will be notified by Zoom or email.

Mr Iannone said that the mass retrenchments would be “difficult”.

“These are not actions we take lightly and we recognise the impact they will have on all eBayers,” he said.

“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.”

The company is promising to return as a “more focused, agile and responsive eBay” in the months to come.

“Over the past three years, we made fundamental changes in our experiences across categories and accelerated the pace of innovation at eBay,” Mr Iannone said.

“In areas where we’re investing, we are seeing consistent increases in customer satisfaction and a meaningful improvement in our growth relative to the market.”

Originally published as eBay to sack 1000 staff as cost of living crisis crushes company growth