Instinet, the troubled agency broker and electronic communications network in which Reuters has a 63% stake, is to cut a further 185 of its workforce and consolidate its office space to save $30m.

The cuts - which amount to 15% of the workforce - come in addition to previous cost reductions of $160m between the fourth quarter of 2002 and third quarter of 2003. The previous cuts resulted in the loss of 175 jobs. The cuts are expected to be made by July.