Global news company Reuters said today it will cut 500 more posts to offset a slowdown following the US terror attacks.
In July, the company revealed plans to cut 1,100 jobs.
Reuters lost £4 million sterling, and its Instinet operation lost £12 million.
The financial news and information group said its customers are now reviewing their spending following the September 11th attacks, leading to a leaner market for its services.
Chief executive Mr Tom Glocer said Reuters will now accelerate its cost-cutting programme.
The company expects to save £170 million sterling next year, and £220 million in 2003. Reuters has revealed a 4 per cent increase in third-quarter revenues to £930 million.
Mr Glocer said: "We have delivered sound results, given difficult trading conditions. More importantly, we are taking the tough decisions needed to improve our operating margins in the near term and position ourselves for stronger growth when markets recover".
Reuters said it expects to claw back costs of £30 million per year through the latest round of redundancies.
PA