Reuters Confirms Job Losses as Profits Fall

25 July 2001

As predicted [WAMN: 23-Jul-01], global news provider Reuters axed over 1,000 staff yesterday as it announced results for the first six months of the year.

Around 1,100 jobs will be axed from Reuters’ worldwide workforce, with a further 240 at Instinet, the American electronic brokerage 85%-owned by the news group. Tom Glocer, taking over as chief executive, did not rule out extra staff cuts in the future.

For the six months to June 30, Reuters posted pre-tax profits of £227 million, down 17%, on turnover of £1.94 billion.

News source: Financial Times