The Washington Post announces its shutting three of its US bureaus as part of a money-saving exercise.

The Washington Post is closing its remaining US bureaus in a cost-saving move, following the steep financial losses it occurred in the first three quarters of this year.

The three bureaus in New York, Los Angeles, and Chicago will close at the end of the year.

Three news assistants will lose their jobs, but the six correspondents who work at the bureaus will be offered reassignments.

During the first three quarters of this year, newspaper division of The Post Company, which also includes several smaller papers, lost $166.7 million (£100.5m), which has put Executive Editor, Marcus Brauchli under pressure to minimise expenditure.

The US newspaper industry has seen a decline in advertising revenue and has also been hit by the increase in people looking online to get their news for free.

The Washington Post is both the largest and oldest newspaper in the US, with a circulation of around 670,000 a day.

Brauchli delivered the news in person at the New York Post bureau. He explained the reason behind the decision: “The fact is we can effectively cover the rest of the country from Washington.

“We have for years been able to cover issues around the country for our readers with a corps of travelling reporters. It’s more possible than it’s ever been to cover the issues that matter to our readers from a Washington perspective.”