Like most newspapers, The Financial Times is struggling to find its way. According to Politico, a memo from FT managing editor James Lamont stated that plummeting ad dollars have the paper’s execs “braced for tough times in the months ahead.”
Lamont wrote that because some companies have pulled out of newspaper advertising altogether, print ad dollars have “been far softer than expected in the first quarter of this year.”
As a result of the “daunting trading conditions,” Lamont said the FT will make cuts to four areas: There will be a delay in hiring; travel expenses will be reduced; part-time staffers will rarely be brought on and print production will be streamlined.
“It’s far better to take precautionary measures than find ourselves playing catch-up later in the year if the trading conditions do not improve,” added Lamont. “We will review our performance at the end of the second quarter.”