FT internet staff cut in bid to reduce losses

London's Financial Times newspaper is to cut 40 jobs across its internet operations as it tries to move its online businesses towards profitability more quickly.

The FT, part of the Pearson media group, is seeking to cut costs by integrating its online output with the FT newspaper, so as to make FT.com profitable before 2003.

Around a dozen of the job cuts are expected to be in editorial functions, with the rest in technology support, marketing and other back-office functions.

The company said FT.com needed to ensure that it could make money from its base of 2 million unique monthly users, up 50 per cent on last year.

FTyourmoney, the personal finance portal, appears to be the hardest hit. It is understood that 8-10 of its 12 staff will go, as personal finance coverage will be integrated into the newspaper.

However, all of the FT's main web sites will remain. Nic Cicutti, head of content at FT- yourmoney, said: "FTyourmoney continues and will be integrated with the FT."

FT.com's revenues climbed threefold to $NZ 63m (£18m) last year, but losses totalled around $282m, which is expected to be cut to around $88m this year. The division has 350 staff.

- INDEPENDENT