Bowne Cuts 1,000 Jobs In 2008

NEW YORK—With a sharp year-over-year decline in revenues and profit due to difficult capital markets, Bowne & Co. announced it will reduce its workforce by 10 percent to provide cost savings of $21 million to $23 million. The cuts bring Bowne’s total to 1,000 lost jobs in 2008, representing 24 percent of its workforce. Dave Shea, chairman and CEO, said the company will save $70 million annually as a result of the cutbacks.