New York -- The onset of the New Year has heralded bundles of dismay for many workers, with continuous news of job cuts coming amid tough times. Despite remarkable traffic growth as high as 27% yearly on its associated Web sites including new personal finance news service WalletPop, Time Warner Inc.’s underperforming AOL Internet unit is not spared of the depression and will cut about 700 jobs, as it faces an advertising slump, to survive the present economic situation.
This afternoon, a memo first obtained by The Wall Street Journal’s Kara Swisher cites AOL CEO Randy Falco as informing his employees that even those who will be remaining with the company should not expect much special this year.
“Reducing our workforce is never easy, particularly in the current climate,” Falco wrote, “but our goal in doing this is to provide our core businesses the resources they need to thrive. Please know that, as always, we will be doing everything we can to help and support those affected, including offering severance packages and other services.”
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