Are there going to be more layoffs at AOL?

An employee asked CEO Tim Armstrong at today's big all-hands meeting in Dulles.

Tim's answer, according to a tweet from the event: "Let me be totally straightforward and honest and transparent: I'll tell you over the next 60 days."

An AOL source told us that during Tim's meeting all of AOL New York last week, he "strongly implied" layoffs would be necessary.

Tim said that in the last few years, AOL had cut every cost that it could besides its personnel budget. He said that in AOL's European offices, travel budgets are so tight employees aren't allowed to expense gasoline anymore. The implication, according to our source, was that layoffs are inevitable and that it's just a matter of how big they will be.

Benchmarking AOL's headcount against several of its very successful rivals, we figure AOL (TWX) will end up reducing staff by ~2,000.