Pearson set to cut costs and 'FT' jobs
PEARSON chief executive John Fallon, who has announced a plan to generate £100m in cost savings in 2014, told staff at the 'Financial Times' unit yesterday that there will be fewer jobs in the US and UK as the publisher focuses on emerging markets.
Mr Fallon told 'FT' employees at the gathering in London that as the company tries to do in one year a restructuring that would normally be spread over six, the changes will include fewer roles to do with Pearson's print-led publishing businesses, said a source at the meeting.
No potential job-cut numbers were given. Pearson forecast last week that its 2013 operating profit will be "broadly level" with 2012.
The London-based company plans to spend £150m on the reorganisation this year as it accelerates the move of its education business to fast-growing regions and digital services.
"The 'FT' is now primarily a digital operation and not a print one, so you'd need fewer journalists and you can scale that down with print," said Ian Whittaker, an analyst at Liberum Capital.
The cuts and restructuring are Pearson-wide and not just specific to the 'FT', a spokeswoman said. The 'Financial Times' employs about 2,000 people, 600 of whom are on the editorial staff.