AP Photo/Mark Lennihan

AOL and Yahoo employees, now colleagues under the newly-formed Oath brand, are bracing for major layoffs to hit this week, multiple sources tell Axios. The changes come in response to Verizon officially completing its $4.5 billion purchase of most Yahoo assets on Tuesday.

Both companies have undergone multiple rounds of cuts already, and have been bracing for additional rounds for months.

"I think this is my 5th or 6th round of layoffs in 3 years," an AOL employee tells Axios.

Earlier this week The New York Times reported that the company was set to cut 2,100 positions after the deal went through, representing roughly 15% of the combined workforces at Yahoo and AOL.

Why it matters: Layoffs and staff shuffling are standard practices amid large-scale mergers and acquisitions, particularly when there are overlapping businesses, as is certainly the case with AOL and Yahoo.

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9 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

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The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.