Fingaz to retrench 35% of its staff

The Financial Gazette said it will be retrenching 35% of its staff across the board.

The group chief executive officer of the Financial Gazette, Jacob Chisese last night said, "It is, however, hoped that as the company's operating fortunes change for the better in the future, some or all of the staff members affected by the downsizing would be recalled."

Established in 1969, the pink paper, as the Financial Gazette is affectionately known, was at some points the country's leading business and financial paper.

The media industry has been bleeding for a long time, largely as a result of low disposable incomes which have been eating into the demand for media products and advertising budgets.