If you thought Reuters coverage was anti-American before, you ain't seen nothing yet.
Financial news service Reuters Group PLC said yesterday it will eliminate up to 20 editorial positions in the United States and Europe and hire up to 60 replacements in India in a move aimed at cutting costs. The journalists, who will be based at a Reuters facility in Bangalore, will be responsible for compiling tables, writing short research alerts based on analyst reports and polling analysts for earnings forecasts, according to company spokesman Steve Naru.
Journalism positions are just the latest in a long line of jobs -- from manufacturing to radiology -- that have been sent offshore in recent years as advances in technology have made it easier to conduct business from abroad. Researchers have estimated that the number of jobs in the United States affected by such moves eventually could stretch into the millions as companies seek to capitalize on the availability of lower-wage workers in countries such as China and India. Naru said while information produced in Bangalore will be distributed on the news wire, Reuters does not envision the journalists reporting or writing actual stories. "We're of the mind that on-the-ground reporting needs to be done by reporters on the ground" rather than from remote locations, he said.
Naru said budgetary constraints were a factor in the decision, though he declined to say how much Reuters would save by eliminating jobs in higher-cost countries like the United States, and hiring lower paid Indian journalists instead. The move is part of an effort by the company to expand coverage of small and mid-cap companies. "It's all about efficiency. It's all about providing more. And it's about providing cost savings," Naru said. |