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Reuters to give pink slips to 1,100 by close of 2002

SHARE Reuters to give pink slips to 1,100 by close of 2002

LONDON (AP) — Reuters Group PLC, the news and financial information provider, plans to cut 1,100 jobs, or about 6 percent of its work force, by the end of next year as part of a plan aimed at boosting profits.

The announcement Tuesday came as Reuters reported a 20 percent decrease in its profit before taxes and other one-time items for the first six months of the year even as its revenue grew.

Reuters employed 17,265 people at the end of last year and said the job cuts will come by the end of 2002. In addition, the company said its electronic brokerage business Instinet will cut 240 jobs by the end of this year. Instinet had 2,021 employees in 2000.