Menu
24/07/2001
Reuters confirm 1100 jobs to go in radical cutback
Global news and information provider Reuters has confirmed that the group will be cutting 1,100 jobs between now and the end of 2002.
The cuts amount to nearly seven per cent of Reuters' workforce and represent one of the biggest mass layoffs in the company's 150-year history.
The company also revealed on Tuesday July 24 that it would speed up its cost-cutting plans.
It now wants to make £85m in annual savings by 2002, on top of the £150m already planned by 2003.
Following the news, Reuters share price fell by five per cent (41p) to 745p after reporting its fall in profits and saying it will be cutting 1,100 jobs.
The cutting of 1,100 staff from the company's 16,500 strong workforce follows the announcement earlier this year that 50 top managers were to lose their jobs.
However the company's new chief executive Tom Glocer said the results were "sound" and reflected "a resilient core business". He said: “We are accelerating the business transformation programme and taking new actions to drive profit growth in the slower market conditions we expect to continue through the end of the year. At the same time, we are establishing a new organisation to focus intensively on our strategic goals and on our customers to drive future revenue growth.
“It is reassuring that Reuters has once again proved able to capture shareholder value in volatile stock markets through the successful IPO of our Instinet subsidiary in May.
The core Reuters Financial division reported operating profits up six per cent to £262m, and the company's recently listed electronic broking subsidiary Instinet saw operating profits grow 28 per cent to £108m ($153m) as it expanded into the US.
The figures come a month after Mr Glocer unveiled a restructuring of the group to create four business units - investment banking and brokerage, treasury, asset management and corporate/media. (AMcE)
The cuts amount to nearly seven per cent of Reuters' workforce and represent one of the biggest mass layoffs in the company's 150-year history.
The company also revealed on Tuesday July 24 that it would speed up its cost-cutting plans.
It now wants to make £85m in annual savings by 2002, on top of the £150m already planned by 2003.
Following the news, Reuters share price fell by five per cent (41p) to 745p after reporting its fall in profits and saying it will be cutting 1,100 jobs.
The cutting of 1,100 staff from the company's 16,500 strong workforce follows the announcement earlier this year that 50 top managers were to lose their jobs.
However the company's new chief executive Tom Glocer said the results were "sound" and reflected "a resilient core business". He said: “We are accelerating the business transformation programme and taking new actions to drive profit growth in the slower market conditions we expect to continue through the end of the year. At the same time, we are establishing a new organisation to focus intensively on our strategic goals and on our customers to drive future revenue growth.
“It is reassuring that Reuters has once again proved able to capture shareholder value in volatile stock markets through the successful IPO of our Instinet subsidiary in May.
The core Reuters Financial division reported operating profits up six per cent to £262m, and the company's recently listed electronic broking subsidiary Instinet saw operating profits grow 28 per cent to £108m ($153m) as it expanded into the US.
The figures come a month after Mr Glocer unveiled a restructuring of the group to create four business units - investment banking and brokerage, treasury, asset management and corporate/media. (AMcE)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
23 July 2001
Hundreds of jobs expected to go at Reuters
Speculation is growing that global news and information group Reuters could be set to announce hundreds of job losses when it reports its half-year results this week. These jobs cut predictions come after Reuters announced earlier this year that it wanted to achieve annual savings of £150 million by 2003.
Hundreds of jobs expected to go at Reuters
Speculation is growing that global news and information group Reuters could be set to announce hundreds of job losses when it reports its half-year results this week. These jobs cut predictions come after Reuters announced earlier this year that it wanted to achieve annual savings of £150 million by 2003.
12 March 2009
German Airline Deal Takes Off For Bombardier
A local aircraft manufacturer is flying high today with news of a major international contract - which is also boosting jobs.
German Airline Deal Takes Off For Bombardier
A local aircraft manufacturer is flying high today with news of a major international contract - which is also boosting jobs.
20 June 2011
BBC's Formula One 'Heading For Pits'
With programming costing a huge £1 per viewer, the BBC may be forced to drop its Formula One (F1) motor racing coverage. The BBC must make savings and the £60m a year F1 costs - or £3m for each race - it is the most expensive programme being broadcast.
BBC's Formula One 'Heading For Pits'
With programming costing a huge £1 per viewer, the BBC may be forced to drop its Formula One (F1) motor racing coverage. The BBC must make savings and the £60m a year F1 costs - or £3m for each race - it is the most expensive programme being broadcast.
15 May 2002
News Corp reveals multi-billion pound write down
Rupert Murdoch's global media network News Corporation has announced a profits gain in the third quarter, but had to write down a massive £2.74 billion investment in the Australia-based Gemstar television during the same period.
News Corp reveals multi-billion pound write down
Rupert Murdoch's global media network News Corporation has announced a profits gain in the third quarter, but had to write down a massive £2.74 billion investment in the Australia-based Gemstar television during the same period.
21 February 2002
German news agency to establish English service in Cork
Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment has announced that Deutsche Presse-Agentur Gmbh (dpa), Germany's leading news agency, is to create 20 new high quality jobs in Cork by the end of this year.
German news agency to establish English service in Cork
Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment has announced that Deutsche Presse-Agentur Gmbh (dpa), Germany's leading news agency, is to create 20 new high quality jobs in Cork by the end of this year.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
