Business Services Industry
Reuters Cuts 650 Jobs in London.
Knight Ridder/Tribune Business News, June, 2002
Daily Mail, London Knight Ridder/Tribune Business News
Jun. 21--Reuters slumped to a nine-year low as it said it would cut another 650 jobs to weather the downturn in the City. It wants to save UKpound 100 million, but analysts fear it will be a long haul before investment banks return to spending money on its financial products.
The information group is paying the price for failing to slim down when markets were buoyant. Chief executive Tom Glocer is taking the right steps, but conditions are giving him no respite.
The shares fell 56 pence to 347 1/2 pence and are down 60 percent in a year. "This looks like a veiled profits warning for 2003," says one analyst. "They want to get all the bad news out before the results next month."...
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