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Content cuts 15% of staff

LONDON -, the San-Francisco-based online financial news company, is to cut about 15% of its workforce because of the slowing online advertising market.

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The layoffs, together with a reduction of spending in areas like marketing, will lead to a saving of $9m (£6.3m), excluding an unspecified restructuring charge to be taken this quarter.

The company is majority owned by the Viacom-owned US television network CBS and Financial Times owner Pearson. Both have a 35% stake in the company.

The company operates the site in the US and the FTMarketWatch site in the UK.

The company said last month that it expected its 2001 revenues to fall about 5% because of the slowdown in adspend.

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