Reuters orders broad editorial staff cuts

The Reuters news agency is cutting some five percent of its editorial staff, a source close to the company said Wednesday, the latest layoffs in the troubled media industry. Parent company Thomson Reuters announced in a statement it would be making reductions, but offered no figures. "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," spokeswoman Barb Burg said in the statement. A source familiar with the matter said the cuts would affect some five percent of the global staff of some 2,800. Reuters is one of the world's biggest global news agencies, along with the US-based Associated Press and Agence France-Presse. The news came a day after Thomson Reuters chief executive James Smith warned employees of "tough decisions" ahead for the financial news and information group. The company, of which Reuters represents a small part in terms of revenue, has already announced 2,500 layoffs since the beginning of the year. Top executive Smith announced the appointment of a new "chief transformation officer," Neil Masterson, to help direct the shifts planned for the British-Canadian company. "I know we'll have to take many tough decisions to redirect our efforts toward our future potential," Smith said in a message to the company's 60,000 employees. "Our foundation has been strengthened. Our credibility has been restored. We've planted stronger roots in emerging markets. Our financial business has been put on a course to thrive, not just to survive," he said in the message.