The wire service (oops, "financial news and information provider") will set up a newsroom in Bangalore to replace higher-priced editorial staffers elsewhere in the world, AP says.

They will focus primarily on providing greater information about small and medium-sized firms that are publicly traded in the United States, London-based spokeswoman Susan Allsopp said.

The new employees will compile tables of financial data to accompany longer stories written by Reuters journalists elsewhere, and also provide information from news releases and filings to national regulatory authorities such as the U.S. Securities & Exchange Commission.

Reuters hopes to find new positions for the staffers whose jobs will be outsourced to India.

"There will be some impact, but we're trying to minimize that," Allsopp said.

Thanks to Dennis for the tip.