Anglo-Dutch publisher Reed Elsevier says it will have cut 1,000 jobs over 2001/2002 after last year's downturn.
Reed Elsevier chief executive Mr Crispin Davis told reporters between two-thirds and three-quarters of the job cuts were made last year, with the rest to leave this year. After the cuts, Reed will have a staff of 37,000.
After last year's global advertising slump, Mr Davis said advertising revenues at its biggest division - business - had reached what he thought was a bottom.
"We appear to be bumping along the bottom, with some stabilisation in advertising revenues at our business division. However, we're definitely not seeing signs of an upturn yet," Mr Davis said today.
But the group has seen some stabilisation in advertising revenues in its core business.
Advertising accounts for around 12 per cent of Reed's revenues, with most of that coming from its business arm.