Reuters Holdings PLC to lay off 170 in restructuring
NEW YORK (AP) _ Reuters Holdings PLC, the worldwide news and financial information company, said Tuesday it will lay off about 170 people in the Americas in order to streamline operations and boost its profits.
The cuts amount to about 5 percent of its 3,500-member work force in the division, called Reuters America, said spokesman Bob Crooke.
Employees affected include managers, journalists, marketing and sales staff, finance and technical workers, Crooke said. He declined to provide a specific breakdown, except to say 20 percent of those to be dismissed are at the management level.
While some sales operations will be consolidated, none of the company’s offices or its 44 news bureaus in the region will be closed, Cooke said.
``Obviously we will do nothing to undermine the quality of the coverage,″ he said.
London-based Reuters provides newspaper articles, photographs and broadcast news to media and corporate clients, along with financial data to the securities industry and some electronic brokerage services.
Its New Media division, which Reuters said previously was being folded into the main corporate structure, provides on-line news and historical information to computer users.
Crooke said there are no businesses being eliminated as part of the restructuring. In fact, Reuters America has been hiring salespeople this year and expects its sales staff to expand 10 percent this year even after the layoffs, he said.
The layoffs will probably be completed by mid January.