Thomson Reuters to cut 2,000 staff

Credit: Darren Lazarus

The news and data giant revealed the planned charge in its third-quarter results, which were published on November 1, as the firm’s president and chief executive Jim Smith wrote to staff the same day announcing the layoffs.

The company, which employs roughly 48,000 staff, said a charge of “approximately $ 200 million to $ 250 million” was intended to “accelerate the pace of the company’s Transformation program by further simplifying and streamlining the business”.

A spokesman for the group confirmed the cuts would hit around 2,000 employees.

It gave no further details of where the cuts would fall regionally, but said they would hit both its financial and risk division and the combined enterprise, technology and operations team created in January this year.

It said 2017 run-rate cash savings from the move would be of a similar size to the charge.

News of the cuts came as Thomson Reuters posted quarterly results that showed revenues were flat at $ 2.7 billion year-on-year, as were operating profits, at $ 385 million.

Smith said in a statement: “Our core subscription businesses are moving in the right direction, our cost controls are working and we are increasingly confident in our execution capability. That is why we are going to pick up the pace of our transformation efforts.”

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