Bloomberg News is expected to lay off roughly 100 editorial employees in its New York and Washington, D.C., bureaus, according to a report in the New York Post.
The layoffs will amount to 4.2% of the company’s editorial workforce and will go into effect before Labor Day. The newspaper describes the firings as an attempt to “cut the fat.” The news organization will also curtail its hiring of new editorial employees.
The report continues: “The shrinkage is coming at a fraught time for the company,” pointing to the fact that Josh Topolsky, Bloomberg’s digital editor, was let go last month, while a leaked memo in June indicated that at least one reporter perceived a “climate of fear” at the firm.