Report: Getty Images plans big layoff

Getty Images Inc. is planning to lay off nearly 30 employees, according to a report in a trade publication.

Photo District News Online says that it obtained an internal company memo from Jonathan Klein, CEO of the Seattle photo licensing company (NYSE: GYI), which says that several local senior vice presidents will be leaving the company, as well as the company's entire New York-based sales staff.

The rumored staff cuts come in the wake of the company's poor performance on Wall Street. In July, the company reported its second-quarter earnings had plummeted 35 percent from the year before. On July 26, the company's shares fell more than 18 percent in one day, dropping $10.15 to $45.05. Shares in Getty closed at $49.43 on Monday.

Getty will announce its third-quarter earnings on Tuesday.