Fewer traders means fewer Reuters screens

It chief executive, Tom Glocer, was paid a �612,000 ($955,000) bonus for 2002 even though the company was in the red by �493m, and some investors are beginning to want him out.

But shareholder groups say the pay deal also awards Mr Glocer a payoff of more than �2m if he leaves before July, and want it rewritten.

The National Association of Pension Funds wants its members to abstain rather than back the pay structure, newspapers reported.

Tough times

Reuters is suffering severely from the stock market downturn of the past three years.

With financial institutions sacking staff right and left, there is less need for the expensive terminals carrying financial data from wihch Reuters makes most of its money.

There is also the fear, voiced by some analysts, that it is also losing ground to its rivals, led by Bloomberg News.

The company's shares are down some 80% over the past 12 months.