Ailing financial news website yesterday announced it would cut 20% of its staff and try to reduce costs by over $15 million.

The New York-headquartered company, which shut down its British operations late last year, will reduce its workforce from 190 to 150, with layoffs throughout the company.

Commented ceo Thomas Clarke: “We have made these difficult but deliberate business decisions as a necessary response to fundamental changes in the economic environment.”

News source: Financial Times