Valenti Explains Staff Cuts In Letter To Employees

As expected, Dow Jones & Co. has announced staff layoffs in its Telerate division (IMD, May 14). At least 41 employees in the Americas and corporate groups were let go last Thursday. The cuts fall short of the 10-15% level expected by some. Telerate's Americas group had employed about 840 people.

In a letter addressed to the Telerate staff, newly- appointed president Carl Valenti cited "the closure and contraction of major Wall Street customers and continuing deep problems in the U.S. savings and