Troubled British media group Reuters is poised to announce deep job cuts in its editorial workforce as it strives to contain the impact of a steep decline in revenues, the Financial Times said on Thursday.
Although Reuters has already laid off thousands of workers in the past 18 months, it has thus far avoided laying off large numbers of journalists.
But with no sign of an upturn in demand from its key financial market customers, the paper said managers were preparing to take an axe to next year’s budget.
The FT said Reuters global editor-in-chief Geert Linnebank this week met regional editors to discuss budgets following a meeting with senior Reuters managers last week.
The paper said there had been suggestions that up to 20% of editorial jobs could be axed, although it added that union officials were hopeful the eventual figure would be much lower.
Victoria Barett, leader of the National Union of Journalists at the company, told the paper: ”We are braced for further job cuts, but the extent and depth of those cuts is still being debated.” – Sapa-AFP