Top Executives Left Without Duties In Reuters' Reorg; Palo Alto to Close
ORGANIZATION AND STRATEGY
LONDON--A number of highly paid managers at Reuters have been reassigned, while others are leaving the company as CEO Tom Glocer tries to cut costs by laying off 650 senior- and middle-level managers.
Devin Wenig, president of the Investment Banking and Brokerage division (IBB), is taking a lead role for all four vertical segments--besides IBB, these include Corporates and Media, Treasury and Asset Management--according to sources close to the company. This is presumably to "streamline the
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