October 2, 2013 Last Updated 12:59 pm

Updated: Reuters to cut 5% of editorial staff with notices going out this month

The NY Observer has reported that Reuters is planning on cutting its editorial staff by 5 percent, with notices to go out this month. While a search of Reuters stories will sadly produce lots of articles on business layoffs, not surprisingly this is a story that Reuters itself is not reporting on.

Stephen Adler, President and Editor-in-Chief of Reuters, told The Observer that the layoffs will be “starting quickly and will move as fast as it can.”

Reuters recently cancelled its Reuters Next project, a consumer news website that has been in development for over two years, with some high profile hirings, but now is DOA.

“I know this will feel somewhat ‘Back to the Future,’ but the existing Reuters.com has many strengths, which I recognize coming from the outside that perhaps people here take for granted,” Thomson Reuters chief xxecutive Andrew Rashbass said when announcing the move.

“For more than two years, we have put most of our consumer-facing efforts into developing what we call Reuters Next. The project had ambitious commercial and editorial goals, and the team has worked incredibly hard. As part of the project, we have launched a well-received mobile app for iOS. However, the project as a whole has struggled to meet delivery deadlines and stay within its budget. Also, it does not capitalize on our strengths,” Rashbass wrote in the company memo.

Update: The word is in: Reuters will be eliminating up to 150 positions, according to a report in the NY Post.

“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,” a Reuters spokeswoman said.

Nothing strengthens a newsroom quite like layoffs.

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