Reuters to cut jobs

June 7, 2001
Web posted at: 0727 GMT

LONDON (CNN) -- Reuters Group, a global news and information provider, said on Thursday it would cut jobs as it reorganizes its business.

The company declined to comment on a Financial Times report that it would cut 500 jobs as part of changes being made by chief executive-designate Tom Glocer. Glocer is looking for annual cost savings of $209 million.

"We will not comment on rumor and speculation," spokesman Adrian Duffield told CNN.

"We have said on a number of occasions that as part of the business transformation programme to reposition the company on an Internet-based model, staff resourcing will be impacted," Duffield added.

Reuters plans to spend £500 million ($695 million) over the next four years to increase revenue and cut costs by better servicing existing customers and winning new ones.

Reuters, the world's biggest provider of financial news and data, will focus its operations on investment banking and brokerage,  treasury, asset management and corporations and media.

These will replace the current product-based divisions of Reuters Information, Reuters Trading Solutions and Reuterspace.

The changes will start to be implemented when Glocer replaces Chief Executive Peter Job at the end of July.

Among managerial changes, the head of the main Reuters Information and Reuters Trading solutions Philip Green will assume the new position of chief operating officer next month.

Rob Rowley, Chief Executive of Reuterspace, will leave the company at the end of the year.

Reuters news and data reaches more than 558,00 desktops, many of them in financial institutions, including investment banks, brokerages and fund managers. The company employs about 18,042 people in 204 cities in 100 countries.

In April, Reuters bought certain assets of bankrupt company Bridge Information Systems for about $275 million.

The assets covered by the bid include Bridge Information Systems in North America, bond pricing and data service EJV, Bridge Trading Technologies, eBridge, which provides Internet solutions to institutional investors, and commodity pricing service CRB Index.

Shares in Reuters (RTR) slipped 0.7 percent to 1,013 pence in early trade in London.

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