(CNN) - Bad news for workers at eBay: Big layoffs are coming. The company says it will slash 2,400 workers, or seven percent of its workforce, before the end of March. The cuts will happen at both at eBay and at PayPal, which is also owned by the online bidding site. EBay calls it, "simplifying organizational structures." The company plans to spin-off PayPal sometime later this year.