Financial Publisher Source Media Restructures Its 60 Mags, Lays Off 20

Financial content publisher Source Media is reorganizing its roughly 60 magazines and sites into four categories — banking, capital markets, technology and professional services, Folio reported. Editorial staffs will be grouped into each of those four sections. Rolling editors will work across groups, who will be headed by four executive editors. They will all report to American Banker editor-in-chief David Longobardi, who has been named EVP/chief content office and will oversee all Source Media editorial, which also includes Broker magazine and financial municipal finance newspaper The Bond Buyer. Despite the expansive restructuring, only 20 staffers are losing their jobs out of a total 1,000 employees.