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Thomson Reuters to shed 2,500 jobs Thomson Reuters to shed 2,500 jobs
(7 months later)
Thomson Reuters is cutting 2,500 jobs, or about 4% of its 60,000 workforce, as the news and financial information company tries to reduce costs and turn around its largest division.Thomson Reuters is cutting 2,500 jobs, or about 4% of its 60,000 workforce, as the news and financial information company tries to reduce costs and turn around its largest division.
Jim Smith, chief executive, told analysts the company is cutting the posts from its financial and risk division, which rents out trading terminals to the financial industry. It accounts for just over half of Thomson Reuters' revenue.Jim Smith, chief executive, told analysts the company is cutting the posts from its financial and risk division, which rents out trading terminals to the financial industry. It accounts for just over half of Thomson Reuters' revenue.
"These are not easy decisions, but our cost structure has to meet our customers' requirements," Smith said."These are not easy decisions, but our cost structure has to meet our customers' requirements," Smith said.
Profits were $372m (£240m) in the fourth quarter after a large loss in the same period a year earlier, capping what Smith called "a watershed year".Profits were $372m (£240m) in the fourth quarter after a large loss in the same period a year earlier, capping what Smith called "a watershed year".
Twelve months ago the company took a $3bn charge related to the declining value of its financial services business, which accounts for more than half of its revenues.Twelve months ago the company took a $3bn charge related to the declining value of its financial services business, which accounts for more than half of its revenues.
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