Reuters to Cut Jobs in Bid to Boost Profit

Reuters Group, the news and financial information provider, said it plans to cut 1,100 jobs, or about 6% of its work force, by the end of next year in an effort to boost profit.

The announcement came as Reuters reported a 20% decline in profit for the first half of the year to $322 million, even though revenue rose 14% to $2.75 billion.

The staff reduction will include 240 job cuts at the company’s Instinet group, which had 2,021 employees at the end of last year.