Bowne Cutting Costs, Jobs

NEW YORK—With weak capital markets resulting in less print volume, Bowne & Co. announced that it is implementing $10 million in annualized cost reductions, with its Financial Print division letting go five percent of its work force.

The reductions result in the loss of 200 jobs for the Print Division. Bowne is also limiting all discretionary spending and is reengineering workflow to match the size of its network to customer demand. The measures are not unlike those taken by the company in 2001, when $70 million in annualized cost savings was realized, including $60 million in Financial Print.