Reuters plans to cut nearly 150 jobs over the next month, a move that stunned staffers.
Amounting to about 5 percent of its global workforce, the cuts were announced Wednesday by Editor-in-Chief and President Steve Adler.
The cuts were the latest news to roil the financial-services giant, which had recently trashed a major website redesign and frozen the pay of most employees making more than $100,000.
“To simplify and strengthen the Reuters news operation, we are making changes that will result in a slightly smaller editorial staff, but one that is more strategically positioned and better equipped to help Reuters report and deliver the news that matters most to our customers and society as a whole,” a Reuters spokeswoman said.
The moves could spell the end of a “two tier editorial system” that seemed to pit the old-time Reuters editors and reporters against the host of high-profile outsider hires that Adler and [Managing Editor] Paul Ingrassia had made over the past several years as they tried to amp up Reuters’ consumer brand, one insider said.
“There’s no doubt the place is in turmoil,” one staffer told The Post. “It’s dramatically different from a year ago when Adler and Ingrassia were bringing in all this star talent. The bitterness is palpable.”
The latest cutbacks, first reported by observer.com, were confirmed by a Reuters spokeswoman.