Razorfish said Monday it cut its work force by about 20 percent. The New York-based Internet consulting company said it reduced its staff to 1,500 from 1,900 worldwide and expects the measures to save the company $70 million in 2001. The cuts are part of the industrywide drubbing Web consulting companies have taken during the past few months as former venture capital backed dot-com clients shut down, and Old Economy customers become more frugal.
Razorfish also said it would reduce costs by initiating more strict expense policies for travel, recruiting, facilities and marketing programs. The company is making efforts to streamline its day-to-day operations to make it easier to track its accounting, human resources and information systems activities on a companywide basis. Razorfish is set to announce its fourth-quarter results on Thursday.