Forbes layoffs: 100 staffers axed?
Filed under: Company News, Economy, Media
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.
D-Day for Harry Reid: Can he wrangle 60 votes for Senate health reform bill?
Fed stalls on Chinese bank deal, costs taxpayers $1.7 billion
Dell in a handbasket: Should founder Michael Dell resign?
Reader Comments (Page 1 of 1)
10-28-2009 @ 4:23PM
RON said...
why is it such a big deal that 100 people are losing their jobs at forbes magizine?
over the last 2 years over 7,000,000 people have lost their jobs. and expected to get worse before it gets better.
i feel bad for anyone to lose their job, but forbes publishing empire caters to the very people that got us into this mess in the first place.
Reply
10-28-2009 @ 5:23PM
ij70 said...
Ron, the reason 100 lost jobs is important is this. The 7 million number you quoted is made ones. One job lost here, one job lost there, one job lost in California, one job lost in Indiana, one job lost in Michigan, etc. Do you see? You start with one lost job and by the end of the year, you are looking at 7 million lost jobs.
Some readers might say that such outlook is too micro. They will be right. What we need is a long term policy that takes the micro situation into account. I am guessing we have not had any such long term policy since the Cold War ended in 1991-1992.
10-28-2009 @ 5:05PM
patricia said...
No, Ron, the people who got us in this mess are in government. It was the Barney Franks and Chris Dodds who were lax on their rich cronies, but added burdensome mandates on ordinary businessmen. If anyone should lose his job, it ought to be Congress.
Reply
10-29-2009 @ 12:06AM
MiriamEtienne said...
I am so very fed up when it comes to HIGH RANKING EXECUTIVES GET" pink slip " but when it happened to so very many of us who had very good paying jobs at the beginning of the 9/11 DEBACLE ..................nobody cared for us and so we went under-employed with no decent benefits or health care and no big deal was made of it !
So what if they come down their fancy pedestals and learn to be frugal like so many of us had to turn just to get going.
STOP COMPLAINING.
THE SOLUTION IS THIS:
BRING OUR AMERICAN JOBS BACK !
CUT PROPERTY TAXES
STOP GIVING FIVE % RAISES TO GOVERNMENT WORKERS AT ALL LEVELS..............we do not have the money with our UNDER PAYING JOS to keep paying HIGHER & HIGHER TAZXES when THE DOMINO EFFECT RIPPLES DOWN TO EVENTUALLY.................everyone.................. WITH WHAT MONEY ARE THE INSTIUTIONS GOING TO PAY THEIR WORKERS ?
FOOD GOT THOUGHT,
THINK ABOUT IT !!!
Reply
10-29-2009 @ 8:14AM
Jim said...
Solution to ALL of your problems:
Create people that will hold elected positions that are more concerned about our country and our county's people than getting re-elected.
I say "create" because I personally do not think that you can find one, hence, boot every single incumbent out of office...
Reply
10-29-2009 @ 12:51PM
Ralph said...
You Bet You ARSE
Steve Forbes ain't cutting his take home
The Rich get Richer
and everybody else is on their way to cat food
Reply
10-29-2009 @ 9:48PM
Rick said...
That is why people need to get to the internet business. It works and is worth while! http://www.marketamerica.com/basesloaded/
11-02-2009 @ 8:56AM
fred said...
i wish there were more rich people because i have never worked for a poor person
Reply