UK-headquartered global news provider Reuters is to cut 500 jobs as part of a major cost-cutting drive.

Incoming ceo Tom Glocer is determined to make annual savings of £150 million by 2003 – a goal that could lead to more job losses in the future.

The move follows last week’s revelation that Reuters is to shed fifty senior managers – group marketing director Jean-Claude Marchand potentially among them.

Other expected shake-ups at the group include the closure of Reuterspace (the internet unit of Reuters Financial) and a management buyout of the Greenhouse fund, a division which invests in media and technology start-ups.

News source: CampaignLive (UK)