The Wall Street Journal cuts more jobs
NEW YORK – As many as 31 jobs have gone from The Wall Street Journal, as part of Dow Jones's ongoing efforts to cut costs, amounting to 5% of the paper's staff.
The cuts come as the financial news group continues to suffer in the face of the advertising downturn.
The latest cuts all come in editorial, with 23 being made redundant and a further eight taking up offers of voluntary redundancy.
As part of the cuts, the WSJ has said that it is to close two reporting groups: one is the New York-based legal unit; and the second a unit dealing with regional economics.
Prior to the cuts, the WSJ had 616 full-time news staffers, according to spokeswoman Brigitte Trafford. The cuts had been widely expected.
In an internal memo to WSJ staff, Paul Steiger, the paper's managing editor, said eligible staff will be able to apply for "a limited number of vacancies", which will become available in the near future.
The cuts follow comments made last week by Peter Kann, chairman and chief executive of Dow Jones, who said that the company would cut as many as 230 jobs after a third-quarter earnings report saw the company post a loss in its print and publishing operations for the fifth quarter in a row. The job cuts represent 3.3% of its 7,011-strong workforce.
According to reports, the layoffs will come throughout the company. In a memo to staff, Kann said: "In a business such as ours, it is impossible to reduce costs meaningfully without reducing staff. This has been a very painful price to pay, but we saw no other realistic alternative."
As well as the Wall Street Journal, Dow Jones publishes the Far Eastern Economic Review, Dow Jones Newswires and Dow Jones Indexes.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.
Latest jobs Jobs web feed
- Head of Strategy, Insight & External Relations London & Partners COMPETITIVE + PRP + BENEFITS, London Bridge
- Business Development Executive Bullfrog Digital LTD Up to £30k + Commission and benifits, Shoreditch
- Account Director AF Selection £35,000 - £38,000 plus car, Birmingham
- Project Manager - Integrated / Digital - Superb London Agency Fill Recruitment Ltd £40k - £50k plus bonus and superb benefits!, Central London
- Global Insight Director Ball & Hoolahan £75,000 + CA + benefits, London
- Marketing & PR Executive Tarsh Lazare Marketing Recruitment To £23,500, West Sussex