Reuters in 2003

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Case Details:

Case Code : BSTA088
Case Length : 10 Pages
Period : 2000 - 2003
Organization : Reuters
Pub Date : 2003
Teaching Note :Not Available
Countries : Global
Industry : Financial Data Services

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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We are pleased with the progress we made this quarter in what continues to be a tough market. Revenues were in line with our expectations and we saw some good sales wins. 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

In early 2003, Thomas Glocer (Glocer), wondered why the optimism generated by the completion of 150 years of Reuters had died in little less than a year. Reuters, the financial-information firm headed by Glocer, seemed to be in serious trouble, with a loss of $740 million in 2002. 1200 jobs had been cut during the period 2001 and 2002 and another 3000 planned in 2003. The company's fall had been sudden. Until 1997, Reuters had been the undisputed leader in this market. With 40% of the world market² it dwarfed Bloomberg, its upstart American competitor. But since then, Bloomberg had doubled its market share at the expense of Reuters. Reuters' electronic share-trading operation, Instinet had accumulated substantial losses.

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Reuters' core business, the terminals it served, had fallen by 18%. Reuters' average revenue from each terminal was down to a quarter of Bloomberg's...

Excerpts >>

1] Reuters First Quarter Revenue Statement, 16th April 2003.

2] "Is Reuters Terminally ill?" The Economist, 28th February 2003.

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