Bloomberg TV is in the process of laying off as many as 94 people in the network’s London bureau, multiple sources tell TVNewser.

A spokesperson for Bloomberg TV declined to comment on a specific number of layoffs, but said fewer than 100 people will be affected by the cuts, which are the result of an operational efficiency review in the network’s engineering and back office productions. The review period will close December 21.

The cuts come as Bloomberg Europe moves its graphics and other technical operations to a central hub in New York City. The network’s Europe programming will be reduced from eight hours of live programming a day to five, eliminating three hours that now overlap with Bloomberg’s U.S. broadcasts.

We hear hiring will soon begin to fill positions in the newly-created New York hub.