New York Times to lay off newsroom employees

From Fortune's Daily Briefing:

The New York Times (NYT) is laying off newsroom employees for “the first time in recent memory,” according to a memo from editor Bill Keller. The memo, which comes on the same day Times stock was downgraded by Bank of America on worries of weakening retail spending, indicates no journalists will be laid off. Instead, the Times will cut support, clerical and administrative jobs. Keller also indicates a hiring freeze remains in effect at the paper, though he stresses that “does not make this news any easier to share.”