(Bloomberg) -- Dow Jones & Co., the publisher of the Wall Street Journal and Barron's, is planning to cut some employees at Financial News, the online daily news service and weekly newspaper, people with knowledge of the matter said.
Staff for the London-based publication were told Tuesday that the news service, which covers investment banking, fund management and the securities industry, is restructuring and that employees will need to re-apply for their positions, with some jobs being eliminated, the people said.
Cuts could amount to about 10 percent of staff, the people said. A representative of Dow Jones, a division of Rupert Murdoch's News Corp., declined to comment.
Bloomberg LP, the parent of Bloomberg News, competes with News Corp. in providing financial news and services.
In August, News Corp., which also publishes the New York Post, reported fiscal fourth-quarter profit that missed analysts' estimates as a decline in ad sales outweighed an increase in digital revenue in its real estate business.
--With assistance from Richard Partington To contact the reporters on this story: Gerry Smith in New York at gsmith233@bloomberg.net, Kiel Porter in New York at kporter17@bloomberg.net. To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Elizabeth Wollman, Crayton Harrison
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