Forbes has been through several waves of layoffs in the past 12 months, but none has come close in severity to the one under way right now. When it's all over, about 100 people will have lost their jobs -- nearly as many as were let go in the last three rounds combined. (Forbes laid off about 50 people in March, 19 in January, and 43 in November.)
Cuts on the business side came down Monday and Tuesday; the editorial axings were reserved for Wednesday. While they were widely expected to target the print magazine, there have been eliminations "on both sides of the aisle," print and online, according to one staffer.
And they haven't been limited to New York staffers: One of the highest-ranking victims I've heard about so far is Anita Raghavan, who left The Wall Street Journal last year to become the magazine's London bureau chief. Tokyo-based associate editor Chana Schoenberger is also said to be leaving, as is Andy Stone, a senior reporter and deputy chief of reporters.
But most of the pink slips handed out so far have been distributed toward the lower end of the masthead -- the "worker bees," as one source puts it -- although that could change as the day wears on. The New York Times's David Carr says the editorial staff could end up being downsized by a full 25 percent.
No word on other cost-saving measures, such as a reduction in frequency or guaranteed circulation, both of which have been speculated about.
Update: The Los Angeles bureau is shutting down, and bureau manager Scott Woolley is among those departing. No decision has yet been made on whether the London office will remain. The Tokyo bureau is definitely sticking around. A Forbes spokeswoman says the magazine will continue to have full-time editorial employees in London, Chicago, Detroit, Houston, Los Angeles, Burlingame, Washington, Shanghai, Hong Kong, Beijing ,Tokyo and Mumbai.
Managing your Portfolio
Keeping your portfolio and financial life fit!View Course »