The latest redundancies come on top of 2,100 job cuts from Reuters' worldwide staff of 19,000, announced in April. The latest cuts will come primarily in senior and middle management ranks, as Reuters said it planned to increase the speed of decision-making and reduce complexity by removing layers of management.
Shares in the news and information company plummeted by 37p, or 9.09%, to 366.5p on the news amid general falls in London media stocks.
Reuters made the announcement this morning, as it unveiled plans to restructure the company, streamlining sales and customer service. It also revealed it will be looking at "rationalising" large units, including Instinet and Factiva, and the disposal of unnamed non-core holdings.
Reuters chief executive Tom Glocer said: "The accelerated cost-savings initiatives we announce today will improve our 2003 margin beyond 12% in advance of a general market recovery. We remain committed to our long-term margin targets."
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
_1.jpg)
.jpg)
