The company is also freezing salaries and reducing bonus payments after third-quarter earnings saw the company post a loss in its print and publishing operations for the fifth quarter in a row. The job cuts represent 3.3% of its 7,011-strong workforce.
According to reports, the layoffs will come throughout the company. In a memo to staff, Dow Jones chairman and chief executive Peter Kann said: "In a business such as ours, it is impossible to reduce costs meaningfully without reducing staff. This has been a very painful price to pay, but we saw no other realistic alternative."
However, it is not alone among business publishers in cutting staff. Reuters has been through several rounds of job cuts, while Pearson's Financial Times has cut staff levels by 14%.
As well as the Wall Street Journal, Dow Jones publishes the Far Eastern Economic Review, Dow Jones Newswires and Dow Jones Indexes.
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