700 people to lose their jobs at AOL.
Ten percent of AOL’s staff will be cut in the coming weeks. AOL join a whole bunch of companies who have recently shed jobs because of the GEDT. AOL Chief Executive Randy Falco told employees in a memo Wednesday that AOL plans to cut the jobs in the next several quarters, and that the company hopes to have any U.S.-based cuts completed by the end of March. He also said that AOL will skip merit pay raises in 2009.
Total losses = 700
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