Business Insider confirms that today is the day for Yahoo employees to find out if they will have a future at the company. Rumors have been circulating in Silicone Valley for months and for the past couple of weeks CEO Scott Thompson has been meeting with members of the management team to devise a new structure. Part of this “real change” unfortunately means downsizing.

The cuts are supposed to be announced early this morning, but we may not have a clear vision of what they’ll look like for a couple days. I haven’t found any decisive information about what departments will be hit the hardest, but some news floating around the net suggests the product devision will be one of the first to be disbanded.

Some suggest that Yahoo’s advertising and search devision will also be hit hard by layoffs. We can expect to see many of the top executives still in their positions after the downsizing, but the whole purpose is to change and restructure the way Yahoo does business, so we can expect those organizational structures to be morphed to some degree as well.

[UPDATE]

This just in, Scott Thompson, CEO of Yahoo! comments on the restructuring and downsizing at the corporation:

“Today’s actions are an important next step toward a bold, new Yahoo! – smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require. We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities. Our goal is to get back to our core purpose – putting our users and advertisers first – and we are moving aggressively to achieve that goal,” said Scott Thompson, CEO of Yahoo!. “Unfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they’ve contributed to Yahoo!.”

Yahoo expects to reduce operating costs by about $375 million with the restructuring, but incur a lot of additions costs through employee severance packages, and other cost involved with the change. A rundown of the financial impact of the changes will likely be seen in the first quarter financial results due out April 17th.

I haven’t found anything else which has been substantiated about the layoffs yet, but as soon as news comes out of the restructuring, you’ll be able to read it here.