Downsizing will trim $400 million from budget

The mood promises to be grim Wednesday at Yahoo, where 1,500 staffers are expected to get the boot under previously announced layoffs. In October, the struggling Netco said it would trim 10% of its workforce by year’s end, but the company didn’t want to do it too close to the holidays.

Yahoo, which plans to shift some of the jobs overseas to Eastern Europe and Asia, expects to trim $400 million from its budget with the downsizing.

A few weeks after the layoffs announcement, CEO Jerry Yang said he would step down from the top exec spot as soon as the company finds a replacement. He will then take back his title as “chief Yahoo.”

A number of candidates for the top exec slot have circulated in recent weeks, including former AOL head Jon Miller and former Vodaphone topper Arun Sarin.

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