Publisher Reed Elsevier, Netherlands, is reportedly drawing up plans to cut down over 1,000 jobs as part of the company's ongoing cost-cutting programme.
It is understood that the company, which owns the medical journal, The Lancet, is planning to cut the jobs over the next couple of years as it centralises functions such as human resources, procurement, and IT across the group. Analysts expect that majority of the job cuts will take place outside Britain. According to media reports, the job cuts will help the global publishing giant to shed as much as £100 million from its annual costs bill.
Reed employs nearly 37,000 people in over 200 locations. It is however not clear whether the company will formally acknowledge the job cuts in its annual results announcement scheduled for Wednesday. The company may also announce a further share buyback programme along with its results.
More News in this Theme
