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Reuters reportedly to axe more than 1,000 jobs

Published on .

London-Reuters Inc., the UK-based financial information group, is expected to cut between 1,000 and 1,200 jobs when it reports quarterly results on Tuesday. The Financial Times said the job cuts- higher than originally estimated because of the continuing economic slump-are part of the company's efforts to cut $215 million from its cost base by 2003. Reuters could not be reached for comment. The cuts are expected to be spread among the company's 18,000 workers worldwide, although there won't be any staff reductions in editorial. In June, Reuters announced a reorganization of its businesses around customers rather than products. The new structure is based around investment banking and brokerage, treasury, asset management, and corporate and media.
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