Financial Times Group is doing something we have grown familiar with; laying off more of its employees. The current number is reported to be 80 and the reason is to amalgamate online and print media of the business. In a memo sent by FT’s CEO, John Ridding stated:
Over the past year we have taken a number of significant measures to reduce our costs and re-deploy resources, from print and distribution savings to contract renegotiations with suppliers and outsourcing non-core processes.
We are now taking the next steps in reorganizing and streamlining our business. We are deepening integration in our print and digital operations, combining some operations with our recent acquisitions and simplifying some of our processes to increase efficiency and deploy resources in line with our objectives.
These changes involve a restructuring plan across several departments, and regrettably, about 80 people are likely to be affected across our global operation.
