Layoffs hit The Wall Street Journal

America’s business newspaper of record is cutting its staff today, part of an effort to streamline its newsroom during an industry-wide print advertising slump.

On the chopping block is The Journal’s Greater New York section, which is being folded into the paper’s broader coverage of New York.

Staffers on the Greater New York section were notified of the layoffs in an announcement from Wall Street Journal Editor-in-Chief Gerry Baker, according to a memo from the Independent Association of Publishers’ Employees, the union representing Wall Street Journal workers. They were then summoned to meet with department heads.

Nineteen union-represented employees on the Greater New York Section could lose their jobs, according to the memo. It remains to be seen who will be hired, however — Politico reports that staffers will be asked to re-apply for one of 16 open positions.

The union plans to challenge the cuts, according to the memo:

The Union will fully investigate as soon as management delivers copies of layoff notices to the IAPE office. If there is any possibility that layoffs may be challenged through the grievance and arbitration process, grievances will be filed immediately.

Meanwhile, The Wall Street Journal is also undergoing a voluntary buyout program. So far, at least 48 employees have had their buyout offers accepted. Journal management has not said publicly how small the newsroom will become, though Baker described the buyout program as “substantial.”

The Wall Street Journal is not alone in shedding staff, with similar moves being undertaken by companies including The New York Times and Gannett.

For The Journal, the payroll cuts are an effort to right-size the newspaper amid gloomy financial news. A single source told Politico Tuesday that the News Corp.-owned paper was about 30 percent off its budget.

Here’s the full union memo: