LONDON -- Beleaguered data vendor Reuters has embarked on what it calls its ‘Fast Forward’ strategy in an attempt to return to the black after reporting its biggest ever pre-tax loss last month. A key part of the strategy is to axe 3,000 jobs globally -- just over 20% of the vendor’s workforce -- by 2006, which is more than was originally anticipated by industry observers and analysts.
The group announced a £394 million ($620 million) net loss for 2002 compared to a £46 million profit in 2001
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