AOL cutting 20% of all jobs

New York (NY) - Time Warner’s Internet service provider unit is slimming down ever more, announcing today it will reduce its workforce by 20%.

The job cut represents 2,000 employees who will be shown the door and kicked out of AOL, as the company continues to curb as many costs as possible. Just last fall, 5,000 positions were also cut.

The flailing Internet company has been in steep decline as broadband penetration sweeps across the country. It is transitioning itself to being an online advertising company, shortening the amount of manpower needed to control the operations.

"This realignment will allow us to increase investment in high-growth areas of the company — as an example, we added hundreds of people this year through acquisitions — while scaling back in areas with less growth potential or those that aren’t core to our business," said AOL CEO Randy Falco in a statement to employees.

Last year the company heavily reduced its employee numbers in customer service and marketing departments. These cuts represent jobs from nearly every aspect of the company, reports the Associated Press.

The majority of terminated workers in the US, about 1300, will end their employment with AOL tomorrow. The rest of the job cuts, based in overseas offices, will be official by the end of the year. Severance packages will contain at minimum four months’ pay.