Up-market British auction house Christie's said Monday it would cut "significant" numbers of staff, in the latest sign of the widespread impact of the global economic downturn. In a bid to retain competitiveness and profitability, the company will also not renew contracts for several consultants and will continue other cost-saving programmes.
"We have begun to implement a company-wide reorganisation, which includes significant staff reductions, not renewing many consultants' contracts and the continuation of other cost reduction initiatives, that will ensure we remain competitive and profitable in 2009," Christie's said in a statement. "We are implementing these staff reductions globally in accordance with local regulations and in as considered and timely a manner as is possible."