The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Information Service Activities Information Service Activities 63.91 - News agency activities
New offshoring locations
India, China
100 jobs Number of planned job losses
90 jobs Number of planned job creations
Announcement Date
9 December 2004
Employment effect (start)
Foreseen end date
Description
Reuters is to cut up to 100 jobs from news bureaux around the world as it expands its editorial operations in China and India. The financial information group said about 4% of its 2,300 editorial staff would be affected as it moves into the final year of a £440 million restructuring programme. The hiring of journalists in China and India would make good most of the losses, leaving the group with roughly the same number of editorial staff at the end of 2005, Mr. Schlesinger added. The news operation in Bangalore opened this year, with 20 journalists covering 2,000 small to medium-sized companies listed in the US. Reuters' operating costs in Bangalore are 60% less than in London and New York, with journalists there earning 75% less than their counterparts in the UK and the US. Bangalore already houses the group's data unit, employing a 300-strong workforce which is expected to double in size next year. Mr. Schlesinger said the Bangalore newsroom would grow in 2005: We are looking to significantly ramp up the editorial operation in Bangalore so there will be a lot of hiring in the coming year.
Sources
10 December 2004: The Guardian
Citation
Eurofound (2004), Reuters, Offshoring/Delocalisation in World, factsheet number 60868, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60868.
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