Yahoo to cut 1,500 Jobs.

Yahoo Inc will tell 1,500 employees on Wednesday they are losing their jobs, after announcing in October that layoffs would occur by year's end, a person familiar with the situation said on Tuesday.

The expected date of the announcement and some details were reported this week by All Things Digital, a blog covering Silicon Valley. The layoffs will hit hardest in the labor-intensive areas of human resources and finance.

The blog had speculated the layoffs would affect more than 1,500 people, or about 10 percent of Yahoo's workforce, and the source said the number has not changed.

Yahoo will cut its workforce in high-cost markets and hire aggressively in lower-cost locales such as Eastern Europe, India and Southeast Asia, the company has said.

Yang steps aside From Yahoo

Jerry Yang's troubled tenure as chief executive of Yahoo Inc. ended Monday, when the Internet giant announced that he will step aside and that its board of directors is seeking a replacement.

The 40-year-old Yang's departure comes after a troubled 17 months in which he presided over the Internet giant he co-founded, a period marked by failed mergers and partnerships, and a plunging stock price.