Yahoo mulling major job cuts: report

Yahoo is considering a major restructuring including the elimination of thousands of jobs, as part of its new CEO Scott Thompson's plans to recover the glory of the stumbling internet giant.

Declining to confirm a report in the blog All Things Digital yesterday that the company is preparing to lay off thousands of workers, Yahoo responded by saying, "As we have indicated, our leadership is engaged in a process that will generate significant strategic change at Yahoo, but final decisions have not yet been made at this point. Beyond that, we will not comment."

Citing anonymous source, All Things Digital said that the Sunnyvale, California-based company would start laying off employees from its product, research and marketing departments.

Yahoo has hired Boston Consulting Group to find the best way for it to grow after its earlier CEO Carol Bratz failed to turn the company around.

The, company has around 14,000 employees and the firings could begin in a few weeks, which is likely to be the largest in recent years.

Yahoo, which was one of the most-visited sites on the internet during its heydays, is still a force to reckon with as it is the most visited website in the US. Though it still remains a huge attraction for advertisers and audience, it has not been able to keep pace and keep evolving like its rivals Google and Facebook.