FT curtails spending on hiring, travel

The Financial Times has imposed a recruitment freeze and a ban on all but the most essential travel, to control costs in a tough advertising market.

Mark Sweney of The Guardian in London writes, “John Ridding, the Financial Times chief executive, outlined the measures in an internal email on Tuesday to the newspaper’s senior management group titled ‘Cost control/profit protection’, seen by MediaGuardian.

“The measures, which apply to all staff, include a freeze on recruitment and stricter rules on travel expenses.

“‘Unless there is a clear commercial opportunity that will deliver this year, or an essential editorial trip, we should let our global network do the work (that is what it is there for),’ said Ridding. ‘Only the most vital of journeys will be approved.’

“He said that board members will also be focused on finding revenues and saving costs so staff should not take up their time with non-essential and non-urgent requests.”

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