Wall Street Journal to axe 50 journalist posts
The famous Wall Street Journal will be cutting 50 jobs in a 'restructure' to centralise the editing of the paper in print and online.
Most of the editorial cuts will come from the WSJ's office in South Brunswick, New Jersey, which was set up following the September 11 terrorist attacks near the newspaper's Manhattan headquarters.
However, Thomson said the WSJ and the newswire service of parent company Dow Jones, which was bought by News Corporation in December, were expanding their online and international operations. This would create 95 new journalist jobs in the coming months.
"With the Journal's new leadership team in place, we are reforming our editing structure and changing fundamentally the way in which we produce the Wall Street Journal in its manifold forms," Thomson said, in a memo sent to staff in the US yesterday.
From the beginning of next month the "news hub" in the WSJ's main New York office will be responsible for editing copy and producing pages for the print edition, the website and mobile platform.
However, not all staff may be expected to leave, and if they're willing to learn new skills and move into new positions, they will have more of an andvatage to stay.
The Journal has a worldwide daily circulation of more than 2 million and at the last count, had 931,000 paying online subscribers.
It was founded July 8, 1889 by Charles Dow, Edward Jones, and Charles Bergstresser, and has one the Pulitizer Prize 33 times.
The future of the paper has been widely commented on since the acquisition of Dow Jones by Rupert Murdoch's News Corp.
The job cuts are primarily at the Journal's South Brunswick, N.J., offices, which the paper opened shortly after the Sept. 11, 2001, terrorist attacks near its headquarters on Wall Street. In June, Thomson began revamping the Journal's newsroom leadership structure to facilitate cooperation among print and online reporters and those at Dow Jones Newswires, the company's real-time financial news service.