NEW YORK – Bloomberg began layoffs Tuesday morning, with the media company expected to cut around 80 newsroom jobs, according to sources familiar with the plans.
The staff cuts
have been looming as the company restructures under top editor John Micklethwait, who was hired in late 2014 by founder (and
once again CEO) Mike Bloomberg.
Though Bloomberg still makes billions of dollars annually through its financial data-focused terminal business, Micklethwait has spoken publicly about the company needing to move forward by concentrating on six core subject areas: business, finance, markets, technology, economics and power (government and politics).
There will be about a dozen positions cut in the Washington bureau, as
first reported Monday night by The Washington Post. That's fewer job losses than originally expected in the bureau, which has been
plagued in recent months by low morale and concerns the D.C. operation
was being marginalized as New York-baed executives poured resources into more consumer-focused web initiatives.
Bloomberg is expected to cut about 20 positions in New York, and the rest of the staff reduction will take place throughout the global news operation of around 2,400 journalists. But the company is still hiring, and
plans to add 30 reporters to a new operation providing fast commentary on breaking news.
A Bloomberg spokesman declined to comment.
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