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Getty Sacks Staff

Global giant Getty has begun laying off employees according to PDN.

At least 28 staff in the US in Europe are set to lose their jobs in a restructuring plan which CEO Jonathan Klein has been trying to sell as “The continuous Re-invention of Getty Images.”

Among the heads rolling are senior staff, including the whole of the New York sales team and two sports photographers in the US.

The London office has not escaped the axe, but Getty spokeswoman Allison Crombie would not confirm the numbers involved. Instead she charmlessly dismissed the loss of staff as a “small reduction in headcounts”.

Getty is the world’s leading photo licensing agency and is regarded as barometer of industry trends. In the last year however it’s finances have suffered from diminishing returns in the royalty free market.

The companys share price has slumped from $90 in December 2005 to just $50 in October 2006.

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