AOL Says: “You’ve Got Pink Slips”

The bloodshed continued today in the world of layoffs.

Time Warner subsidiary AOL is laying off 700 employees because of weak economy and the ensuing drop in advertising revenue - but also due to recent structural reorganizations aimed at refocusing the company.

AOL CEO Randy Falco sent out a memo this afternoon to AOL staff members regarding the layoffs and other cost-cutting initiatives.

The 10 percent reduction will occur over the next several quarters, with most of the layoffs in the United States to be finished by March. AOL currently has 7,000 employees around the globe.

AOL is also getting rid of merit increases, as Yahoo and other tech companies have done lately.

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