Reuters staff braced for more job cuts

[UpInArms]

http://www.theherald.co.uk/business/43662.html

TOM Glocer, the chief executive of Reuters, is expected to drop the axe on more jobs today as part of a new cost-cutting drive that City analysts believe will save the media group as much as £120m every year.

City media industry analysts said Glocer's announcement will likely upstage first-half results, which are expected to show the company has shaken off a four-year slump in subscription revenues for its news and business information services.

"Having restored the Reuters business to health, the strategy update is designed to address how quickly the Reuters business can grow," analysts at investment bank Morgan Stanley said in a recent note to investors.

"We expect Reuters to be relatively specific about its plans."

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The company is coming to the end of Glocer's restructuring programme, Fast Forward, which resulted in the elimination of 3000 jobs from a total of in the group.

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