Wall Street Journal to close Boston bureau

The Wall Street Journal is shutting its Boston bureau and eliminating nine jobs, marking the second round of cuts at the newspaper this year.

In a memo to employees Thursday, Journal Managing Editor Robert Thomson said the newspaper remains "in the midst of a profound downturn in advertising revenue."

The Journal, owned by News Corp.'s Dow Jones & Co., cut about two dozen reporting and editing jobs in February, shutting its New York-based fashion and retail group and eliminating a handful of other positions.

The Journal's main rival, The New York Times, told staff this month that it will have to cut 100 newsroom positions by the end of the year through voluntary buyouts or layoffs, though it will still have the largest editorial staff of any U.S. newspaper.

Nine reporters at the Journal will lose their jobs in the latest cutback, while the newspaper plans to retain a three-person investigative reporting team in the city.

Thomson said the Journal's Money and Investing team will cover the Boston mutual fund industry, while the New York-based education team will be enhanced to absorb coverage of Boston-area universities.

He added that there are no plans to close other bureaus.

Dow Jones' MarketWatch and Newswires offices in Boston aren't affected, he said.