At least 17 laid off at Market News International, including Beckner
Layoffs hit the editorial operation of Market News International on Monday, with the most prominent cut being longtime Federal Reserve Board reporter Steve Beckner.
The cuts occurred in the Washington, Chicago and New York newsrooms, and one staffer who remained said they totaled about half the staff. The cuts come less than two weeks after the business and financial news service agreed to be acquired by private equity firm Hale Global, which is also running AOL’s former Patch operation, from Deutsche Börse.
MNI, as it is known, has bureaus in the U.S., Europe and Asia, and has press credentials recognized by various departments of the U.S. government, as well as the Bank of Japan and the governments and central banks of all G-7 nations.
MNI primarily provides news including markets intelligence for foreign exchange professionals and global fixed income markets.
Beckner is one of the country’s foremost reporters covering the Federal Reserve. As senior correspondent for MNI, his accounts of central bank, Treasury and foreign exchange policy developments from in and outside of the United States have long been considered the some of the best information available on finance and economics.
Beckner is a constant traveler to regional Fed bank events throughout the United States, and he has been recognized for “The Beckner Effect” on markets. He has also done National Public Radio reports for years.
Also laid off from MNI was Tony Mace, an executive editor who had been with MNI since 1985 and had stints as New York bureau chief and managing editor.
Others laid off include: