Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Information / Communication
Information Service Activities
Information Service Activities
63.91 - News agency activities

250 jobs
Number of planned job losses
Job loss
Announcement Date
11 November 2004
Employment effect (start)
Foreseen end date

Description

Reuters has postponed the launch of a multi-million pound editorial system and ordered a £22 million cut in its editorial budget. Journalists at the group's UK news operation are considering strike action after senior management ordered a budget reduction and relocated jobs abroad. UK staff were informed of the budget reduction early in November 2004 and Reuters journalists believe the £22 million cost saving equates to the loss of up to 250 jobs from the financial information group's news division, which employs 2,300 people. However, Reuters executives have not indicated the scale of the job losses.


Sources

  • 12 November 2004: AFP World
  • 12 November 2004: Business Report

Citation

Eurofound (2004), Reuters, Internal restructuring in United Kingdom, factsheet number 60748, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60748.