Reuters in 2004: Fast Forward and Beyond
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Case Details:
Case Code : BSTA051
Case Length : 14 Pages
Period : 1851 - 2004
Organization : Reuters
Pub Date : 2004
Teaching Note :Not Available
Countries : Global
Industry : Financial Information Services
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Fast Forward is gaining momentum, and I personally am focused on creating a fast, accountable, service-oriented team at Reuters.
- Tom Glocer, Chief Executive, Reuter Group1
Introduction
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In early 2004, Thomas Glocer (Glocer), CEO of the financial information giant Reuters, was reflecting on the progress made under the company's ambitious restructuring program Fast Forward, launched in February 2003. Reuters had been in serious trouble, with a loss of $740 million in 20022. 1200 jobs had been cut during the period 2001 and 2002. As a result of the Fast Forward plan, the number of employees was expected to fall from 15,900 to around 13,000 by the end of 20063. The job losses were bigger in places such as London and other financial centers. 1,000 technical jobs were moving to Bangalore, and 800 software positions to Bangkok.
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Glocer believed that by 2006, Reuters' costs would be $1.6 billion lower than in 2000. Reuters expected to incur restructuring charges of about $629 million between 2003 and 2005.
Until 1997, Reuters had been the undisputed leader in its market. With 40% of the world market4
it dwarfed Bloomberg, its upstart American competitor. But since then, Bloomberg
had doubled its market share at the expense of Reuters (See Exhibit V)...
Excerpts >>
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