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23/07/2001
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. In line with this move, the news group announced last month a reorganisation its business operations around several key customer segments including banking/brokerage, asset management and corporates/media.
Around 50 management jobs are expected to go, but the group has yet to comment on talk that as many as 1,000 jobs will be axed from its global workforce of around 18,000.
On Tuesday, new Reuters boss Tom Glocer will unveil pre-tax profit figures for the six months to June 2001, estimated to be between £230-245 million against a figure of £267 million for the similar period in 2000.
He is expected to reassure investors that the impact of investment bank cost pressures on Reuters’ revenues is not as bad as some fear and that the business transformation programme, which involves the migration of Reuters’ services onto the internet, will deliver the prescribed savings on schedule. (AMcE)
These jobs cut predictions come after Reuters announced earlier this year that it wanted to achieve annual savings of £150 million by 2003. In line with this move, the news group announced last month a reorganisation its business operations around several key customer segments including banking/brokerage, asset management and corporates/media.
Around 50 management jobs are expected to go, but the group has yet to comment on talk that as many as 1,000 jobs will be axed from its global workforce of around 18,000.
On Tuesday, new Reuters boss Tom Glocer will unveil pre-tax profit figures for the six months to June 2001, estimated to be between £230-245 million against a figure of £267 million for the similar period in 2000.
He is expected to reassure investors that the impact of investment bank cost pressures on Reuters’ revenues is not as bad as some fear and that the business transformation programme, which involves the migration of Reuters’ services onto the internet, will deliver the prescribed savings on schedule. (AMcE)
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Reuters confirm 1100 jobs to go in radical cutback
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