Reuters, which has 18,000 employees around the world, first began culling staff last summer when Tom Glocer took over as chief executive from Peter Job.
The company is aiming to move more of its business online, enabling it to reduce staff numbers.
The number of redundancies, however, has doubled from the 1,000 initially announced back in July last year.
The additional cuts were announced by finance director David Grigson at a conference call following the release of the company's first-quarter results, which were released early this morning.
Glocer said that the extra 300 redundancies would help reduce the company's costs in 2002, but he did not give any further details.
Reuters said first-quarter revenue fell 6% to £912m from £970m last time. However, the company expects full-year revenues to increase, reflecting the inclusion of Bridge Information Systems, which it acquired last year.
Reuters said in a statement that it "sees no near-term turnaround in the depressed conditions affecting its financial services customers and, as a consequence, the rate of decline in the second half of the year is currently anticipated to be approximately 5% to 6%".
Glocer said: "Our first-quarter revenue reflects the performance of the Reuters customer segments in line with our expectations and significantly reduced revenues in Instinet."
He added: "Despite challenging market conditions, we remain focused on margin enhancement at Reuters, with a 12% operating target in 2002."
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