AOL to slash a third of its workforce

AOL is set to cut 2,500 more jobs in a bid to make cost savings of up to $300 million.

The company’s announcement comes just a week after it said it would be making 100 staff redundant.

AOL’s plans, which will see it lose a third of its total workforce, come ahead of its planned split from Time Warner next month.

The internet firm’s new chief executive Tim Armstrong hopes to reinvent AOL as a digital content company.

Before his arrival from Google earlier this year, AOL was forced to cut around 700 jobs.