Forbes Layoffs Are Here, and They're Brutal

The layoffs at Forbes, which we first reported on three weeks ago, arrived today, and we hear from inside the magazine that they're "real big.... huge," with a rumored 50 or so editorial staff let go. (Updates: LA+London bureaus gone.)

Among the victims: Klaus Kneale, nephew of CNBCer Dennis Kneale, and Lauren Sherman, girlfriend of Silicon Alley Insider's Dan Frommer. We're told the layoffs are hitting both the magazine and print Web sides of the publication — and that they're not yet done. Still, we're told the growing list of names is long enough to soon meet expectations of 40-60 layoffs.

We first reported about a new round of layoffs at Forbes three weeks ago, and the rumors have only grown louder and more persistent since then. Editor-in-Chief Steve Forbes finally confirmed them earlier this week, blaming "seismic shifts wrought by the Web." He had shot down layoff rumors just five months earlier — a period of time that, in the context of print journalism, used to seem like a brief flash, but which can now deliver brutal new realities.

UPDATE: We're told the Los Angeles bureau has been eliminated, along with LA-based staff writer Evan Hessel. We also hear Scott Woolley has been axed.

UPDATE: Other casualties we're hearing about: The London bureau; one correspondent each in Japan and roving Europe; Becky Buckman, lured from the Wall Street Journal to Forbes' Silicon Valley bureau; banking writer Bernard Condon; plus "a bunch of junior people." Killing so many — virtually all? — the bureaus is apparently part of a concerted effort to save on real estate costs.

UPDATE: Former Forbeser Peter Kafka tweets that he's seen a list of 27 editorial staff let go today alone. We've heard the layoffs will span multiple days.