Reuters has been in Tiverton for the past 15 years

The posts are to be lost at the company's Tiverton data centre over the next 18 months, but the site is to remain open.

Of the 70 posts, 20 are actually currently vacant. Some of the 50 staff will be redeployed to other jobs.

Some positions are going to the firm's new site in Bangalore in India. Staff were told of the changes on Thursday.

Focused objective

Staff were told of the changes on Thursday.

Reuters announced last year that it was opening a new site in Bangalore, leading to speculation that its Tiverton centre would close.

However, it has confirmed that Tiverton will remain its key data site for continental European languages - but the number of staff on site will be reduced from 340 to 270.

Bangalore will become its biggest site, followed by Tiverton.

The centre at Tiverton, which has been a major employer in the town for about 15 years, is used to collect financial data, which is then verified before it is used in the company's products and services.

Reuters said: "The plans build on the work that began from September 2003 to help achieve the company's objective of being a competitive, focused and profitable information company."