Thomson Reuters to cut 3,000 jobs

Thomson Reuters is cutting about 3,000 jobs as part of its plan to speed up its cost cuts.

Spokesman David Girardin says the cuts are mainly in the company's financial and risk division and represent about 5 percent of the company's total workforce.

The jobs are in addition to job cuts of about 2,500 announced earlier this year.

The news and financial information company also says its third-quarter net income dropped 39 percent, but it managed to beat Wall Street predictions.

Thomson Reuters also announced plans to buy back up to $1 billion of its stock by the end of 2014.