FT to cut 80
The Financial Times group will cut up to 80 positions as part of a larger restructuring, according to a memo from company's chief executive, John Ridding.
A consultation process on the restructuring begins today, Monday, and the FT group expects to be able to notify employees of all lay-offs by the end of the day Tuesday. No decisions had been released as of press time. Ridding's memo notes that the Financial Times group will try to help cut employees find alternative employment within the FT and parent company Pearson.
“Structural change caused by audiences and advertisers moving to digital channels is combining with global recession to intensify the twin challenges facing our industry,” read a part of Ridding's note to employees. “Maintaining our market leadership means we must continue to invest, to adapt and to deploy our resources to maximum effect. We are determined to sustain our momentum through these challenges and emerge in even stronger competitive shape.”
Even amidst the cuts, the company will continue to invest in FT.com, which is expected to hit 1 million registered users this month. Further plans for the company include increased integration between digital and print operations, the merging of some recent acquisitions with existing properties, the launch of new digital products and expansion in foreign markets, including China and the Middle East.
The company's flagship publication, the Financial Times, relaunched its Web site in November. New features to the site included a Middle East edition homepage. The site is one of the biggest drivers of FT print subscriptions, and bundled subscriptions to both print and Web are offered. The FT had a daily circulation of 435,319 as of December.