International news group Reuters and Britain’s leading cable operator NTL, no strangers to layoffs this year, are to wield the axe again.
Reporting sound Q3 results, with revenues edging up 4% year-on-year to £920 million, Reuters chief executive Tom Glocer announced a further 500 jobs would be cut to ensure “sustainable double-digit earnings growth” in the future. On top of earlier layoffs [WAMN: 25-Jul-01], the move brings total redundancies at the firm this year to 1,600. Glocer argued tough decisions were needed “to position the group for stronger growth when markets recover.”
NTL, meanwhile, will take its total layoffs this year to 8,200, reducing its workforce to 15,000. The USA-headquartered cable firm announced 7,000 redundancies in July [WAMN: 27-Jul-01], but has now admitted it needs more extensive cuts as it tries to save £275m. It will also increase the average price paid by subscribers from £39 to £46.
News source: Media Week (UK)