Reuters sees revenue fall 7.7%

Reuters Group Plc, the world’s largest publicly traded provider of financial information, said third-quarter revenue fell 7.7% as banks cut spending.

Revenue declined to £789 million (€1.14 billion) from £855m in the year-earlier period, Reuters said in a statement. Revenue from its largest unit will drop by as much as 11% for the full year.

“There has been marked slowdown in the overall rate of cancellations,’ Chief Executive Officer Tom Glocer said. “There are signs of improvement in the US driven by lower level cancellations and meaningful new sales, but there isn’t any meaningful improvement in Europe.”