Thomson Reuters announces 3,200 job cuts over two years

December 4, 2018
Thomson Reuters executives announced that the staff reduction of 3,200 jobs would affect 12 percent of its workforces, while the number of its offices would be reduced by 30 percent to 133 locations

Financial data and news agency Thomson Reuters announced Tuesday cuts of 3,200 jobs and dozens of office closures worldwide over the next two years as part of a restructuring.

Executives told an investor conference in Toronto that the staff reduction would impact 12 percent of its workforce, while the number of its offices would be reduced by 30 percent to 133 locations.

"The majority of employees have already been notified," spokesman David Crundwell told AFP.

He said Thomson Reuters routinely looks to streamline its operations. "This disciplined approach sometimes includes the need to make personnel, or other, changes which allow us to balance our internal resources with the needs of our customers in a highly ," he said.

The markets welcomed the company's cutbacks, sending Thomson Reuters stock up 1.17 percent to $50.40 at around 1830 GMT in Toronto and New York.

The announcement comes after the company sold a 55 percent stake in its financial and risk unit to private equity firm Blackstone Group in order to focus on its legal and tax businesses.

Thomson Reuters is also one of the world's largest services, ahead of The Associated Press and Agence France-Presse, but its news operations account for only six percent of the company's total revenues.

Last month, it reorganized its European news bureaus, laying off journalists in France, Germany and Italy.

Newswire clients including newspapers, television, radio and online have been struggling with an erosion of readership and plummeting advertising revenues.

In October, AFP announced cuts of 125 positions or five percent of its workforce over five years in a bid to return to black.

Explore further: Thomson Reuters to cut 3,000 jobs

Related Stories

Thomson Reuters cuts jobs as profits slip

November 1, 2016

Thomson Reuters announced a new "streamlining" plan on Tuesday to cut an estimated 2,000 jobs at the financial information group as it reported flat revenues and a drop in profits.

Thomson Reuters profit tops forecasts

November 2, 2012

Financial news and information group Thomson Reuters said Friday third-quarter profit rose 25 percent from a year ago to $462 million, led by its financial and audit services.

Thomson Reuters sees higher profits, revenue slips

July 28, 2016

Financial information giant Thomson Reuters on Thursday reported a jump in profit in the second quarter, while revenues declined in a "challenging" backdrop for its key financial sector clients.

Thomson Reuters net profit nearly doubles

April 28, 2011

Thomson Reuters said Thursday that its net profit nearly doubled in the first quarter and announced plans to sell off two more businesses to fuel investment in its "core" activities.

Recommended for you

EPA adviser is promoting harmful ideas, scientists say

March 22, 2019

The Trump administration's reliance on industry-funded environmental specialists is again coming under fire, this time by researchers who say that Louis Anthony "Tony" Cox Jr., who leads a key Environmental Protection Agency ...

Coffee-based colloids for direct solar absorption

March 22, 2019

Solar energy is one of the most promising resources to help reduce fossil fuel consumption and mitigate greenhouse gas emissions to power a sustainable future. Devices presently in use to convert solar energy into thermal ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.