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Yesterday, a memo circulated around AOL about their plans to slash approximately 700 jobs – thanks to the poor economy. Due to the recession, online marketers are tightening their wallets and spending less on advertising.

Microsoft CEO Steve Ballmer met with Time Warner Chief Executive Jeffrey Bewkes and
Yahoo Chairman Roy Bostock in New York, at Time Warner’s headquarters earlier this month, to brainstorm ideas on how to help AOL out of their slump. Their making plans to combine their advertising business with one of those companies with the hopes of reaching a larger audience scale.

The Internet giant has decided to hold off on pay raises to help reduce job cuts. In addition, Time Warner has also made plans to sell AOL’s dial-up Internet access business. To help reduce operating costs, the company is examining international operations and their global shared-services with the likelihood of combining domestic facilities as it relocates corporate headquarters from New York to Dulles, Virginia.

AOL expects a steady decline throughout all four quarters this year. The majority of the layoffs will take place in the US in March. The remainder of job layoffs is expected to take place overseas throughout the next few quarters.