In the middle of the News Corp earnings call, its Dow Jones (NYSE: NWS) subsidiary said it was cutting 14 jobs instead of the 50 positions that had been widely expected. A memo written by WSJ Publisher Robert Thomson and obtained by paidContent also said the paper had recently lost another 11 jobs to “attrition.”

As part of the cuts, WSJ is closing of the New York-based Fashion and Retail group. The paper will still cover the space, which has been particularly hard by a devastating holiday season. Some editors and reporters will be reassigned to other bureaus. While the closing of the group could make WSJ’s efforts to challenge the NYT’s hold on luxury advertisers more difficult, considering the severe pullback in ad spending at this point, it’s probably better to concentrate on that space when things are looking a little brighter. Other groups losing a position include the Los Angeles and Boston bureaus, along with the New York-based Law, Health and Real Estate groups, and the Library.

There are no plans for layoffs at Dow Jones Newswires, Thomson said, offering glimmers of hope in a global media landscape decimated by layoffs upon layoffs these days. “Where our international expansion is continuing, most recently through the launch of a Spanish-language venture and in India, where we are creating a new reporting team to take advantage of that country’s economic development. And we will continue to hire journalists for the Journal for projects of strategic significance.” Thomson’s full memo after the jump…

“Dear Colleagues,
It is obvious to you all that we are in the midst of an unprecedented economic downturn. We are also in the midst of an unprecedented increase in our readership, in print and online, but a precipitous decline in print advertising revenue has forced a close examination of our structures and of our costs.

Over the past couple of months, teams have been reorganized at The Wall Street Journal and we have lost 11 journalists through attrition. Unfortunately, it has been necessary today to restructure several other teams at the cost of an additional 14 positions. The number, while regrettable, has been kept to a minimum because department heads have been vigilant in controlling costs and in maximizing our use of existing resources.

There are no plans for lay-offs at Dow Jones Newswires, where our international expansion is continuing, most recently through the launch of a Spanish-language venture and in India, where we are creating a new reporting team to take advantage of that country’s economic development. And we will continue to hire journalists for the Journal for projects of strategic significance.
At the Journal, we are closing the New York-based Fashion and Retail group, though we will maintain coverage and reassign some editors and reporters to other bureaus. Other groups losing a position include the Los Angeles and Boston bureaus, along with the New York-based Law, Health and Real Estate groups, and the Library.

There is no doubt that Dow Jones is in a far stronger position than our competitors and that the global influence of the Journal and Newswires is growing significantly, so there are genuine reasons for optimism. But we also must be realistic about the current trading environment and continue to reduce costs while maintaining the world’s highest standard of journalistic quality and integrity.
Yours,
Robert.”

• Report: Editorial Cuts Coming at the WSJ