Reuters to Announce 1,000-plus Job Losses

23 July 2001

UK-headquartered news provider Reuters is expected to announce the axing of between 1,000 and 1,200 jobs when it posts interim results tomorrow.

The scale of the staff cuts is much higher than previously anticipated [WAMN: 08-Jun-01], in the wake of the prolonged economic downturn. Incoming chief executive Tom Glocer – who officially takes over from Peter Job tomorrow – is determined to make annual savings of £150 million by 2003.

The job losses are expected to be felt across the 18,000-strong global workforce, including around fifty senior managers. Editorial staff, however, are thought have been spared the axe.

News source: Financial Times