The Financial Times has announced that 35 of its 600 editorial staff are to be made redundant as part of a ‘cultural shift’ at the paper from print to digital.
Ten new digital staff will be employed to bolster the papers competitiveness with the likes of social networking sites like LinkedIn and Twitter and information gathering services such as Google.
The paper has also announced that the number of pages in its print edition will be cut by an unspecified amount and the US edition will be anglicised to bring about efficiency savings.
Editor Lionel Barber said the ‘wrenching’ decision had been made in light of increased competition from non-traditional news sources, despite the FT’s relative success at charging for online content.