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Reuters Cuts 150 Jobs in N. America

November 14, 2002

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NEW YORK (AP) _ Reuters PLC said Thursday it is cutting 150 jobs across its North American operations as part of an ongoing effort to control expenses in a difficult economic environment.

Few specifics about the cuts were released, but the company did confirm that it is eliminating its Japan desk in New York. Reuters has Japan desks in other parts of the world.

``It’s difficult to predict″ whether there will be more reductions, spokeswoman Deanna Masella said. ``Given the uncertainty of the market right now it wouldn’t be prudent to make any further projections about layoffs.″

The news was made public after trading on U.S. markets ended. U.S.-traded shares of Reuters ended the session up 48 cents at $18.92.

Last week, Reuters announced it was conducting a global review of its editorial operations that would likely result in job cuts. But Thursday’s reductions are separate from that review; they affect only North America and do not center on the editorial division.

Reuters has come under increasing pressure as the slump in the markets forces its cash-strapped customers to cut back on its services. In June, Reuters said it was eliminating 650 management jobs globally. Prior to that, it had shed 1,800 jobs. And, in July, the company said it expected a 5 to 6 percent fall in revenues from core operation for the second half of this year.

Eight of Thursday’s reductions affected employees represented by the Newspaper Guild of New York, said guild president Barry Lipton.

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