02-11-2004, 10:57 AM
<b>Reuters to Cover U.S. Firms From India </b>
Mon Feb 9, 2:40 PM ET Add Business - AP to My Yahoo!
LONDON - News and financial-data giant Reuters Group PLC on Monday said it will provide basic news coverage of some U.S. companies from a bureau to be established in Bangalore, India.
<b>It will hire six journalists for the bureau</b>, the company said. They will monitor announcements from 3,000 small and medium-sized U.S. companies.
The reporting roles in Bangalore are new positions and <b>won't replace reporters elsewhere in the world</b>, the company said.
Under a plan announced a year ago, Reuters aims to cut costs by about $800 million by 2005. It is slashing its payroll by 3,000, bringing the work force down to 13,000.
<b>In a phenomenon known as offshoring, U.S. corporations are moving white-collar jobs to India and other Asian countries where labor is cheap.</b> Most of the jobs have been in information technology, but several Wall Street banks announced last year that they were hiring financial analysts in India
Mon Feb 9, 2:40 PM ET Add Business - AP to My Yahoo!
LONDON - News and financial-data giant Reuters Group PLC on Monday said it will provide basic news coverage of some U.S. companies from a bureau to be established in Bangalore, India.
<b>It will hire six journalists for the bureau</b>, the company said. They will monitor announcements from 3,000 small and medium-sized U.S. companies.
The reporting roles in Bangalore are new positions and <b>won't replace reporters elsewhere in the world</b>, the company said.
Under a plan announced a year ago, Reuters aims to cut costs by about $800 million by 2005. It is slashing its payroll by 3,000, bringing the work force down to 13,000.
<b>In a phenomenon known as offshoring, U.S. corporations are moving white-collar jobs to India and other Asian countries where labor is cheap.</b> Most of the jobs have been in information technology, but several Wall Street banks announced last year that they were hiring financial analysts in India