News and information group Reuters today said it was cutting another 650 jobs worldwide.
The redundancies, which will be focused on senior and middle management ranks, add to the 1,800 jobs already lost in the last two years.
Reuters said the latest move would reduce organisational complexity by removing layers of management .
Reuters provides news and data services to the media and financial markets but has been hit by the downturn in the world's financial markets. The extent of the pressure was shown earlier this year by annual pre-tax profits of £158 million sterling, down from £657 million a year earlier.
The group has also undertaken a major reorganisation of its business in an effort to boost margins and revenues. Today, it said it planned to accelerate that process with a range of measures designed to improve operational effectiveness.
It hoped that removing the layers of management would increase its speed of decision-making while enabling a 'new generation of executive talent' to take on more senior responsibilities. It also wanted to streamline the relationship between the group's four customer segments.
The job cuts were expected to generate about £100 million in annual savings, the company added.
