Razorfish to Cut 400 Jobs as Part of Bid to Save $70 Million in 2001

Razorfish (RAZF Quote - Cramer on RAZF - Stock Picks) axed 400 jobs around the world as part of an attempt to save about $70 million in 2001.

The digital design and consulting company said eliminating about 20% of its workforce would increase profitability and shareholder value.

To cut costs in other ways, the New York-based Razorfish will restrict expense policies in some areas, streamline some regional departments and expand its use of partnerships and alliances.

In regular trading on the Nasdaq, Razorfish closed at $1.81, down 16 cents for the day. In after-hours activity on Island, the stock climbed to $2.05.