Today it was announced that Condé Nast would be cutting 5% of it’s staff and 5% of it’s budget. I personally know one person who has lost their job; I hope I do not find out about others. American Express also announced layoffs of 7,000 jobs worldwide, and American Express publishing has announced a layoff of 22 positions, or 10% of its staff. Cutbacks by Gannet and the Tribune Company have also been reported.
Both of the publishing cuts come on the heels of the Time Inc. announcement. These cuts will certainly have a large impact in New York City in combination with the financial industry meltdown.