AOL said in a filing to the SEC that it wants to cut one-third of its workforce, or around 2500 jobs, in an effort to cut around USD 300 million in annual costs, as part of its planned spin-off from Time Warner. AOL will start with a volunteer buyout programme and move on to involuntary layoffs if enough workers do not opt out. The internet company said earlier that the layoffs would result in restructuring charges of up to USD 200 million. Most charges would be incurred from the date of the spin-off on 9 December, through the first half of 2010. The December spin-off is expected to value AOL's market capitalization at around USD 3 billion. The voluntary layoff program is slated to begin on 4 December and run through to 11 December. Layoffs will start in the US, where AOL employs about 4,500 people, and will extend to the company's global operations.
