Tags: thomson reuters | cut | jobs | restructuring

Thomson Reuters to Cut 2000 Jobs Worldwide in Streamlining Move

Thomson Reuters to Cut 2000 Jobs Worldwide in Streamlining Move

The Thomson Reuters logo is seen on the company building in Times Square, New York on Oct. 29, 2013. (Carlo Allegri/Reuters/File Photo)

By    |   Tuesday, 01 November 2016 02:50 PM

Thomson Reuters, the parent company of Reuters News Organization, has announced plans to cut 2,000 jobs worldwide, mostly in its Financial & Risk business and Enterprise, Technology & Operations Group.

The cuts represent about 4 percent of its workforce, Reuters said, and are intended to help in ongoing efforts to streamline the company, according to Chief Executive Jim Smith.

The company also will take a restructuring charge of up to $250 million in the current quarter as part of the restructuring, The Wall Street Journal reported.

The cuts will not affect the editorial headcount of news operations of the company, which employs about 48,000 people worldwide, USA Today reported.

“It’s about simplification and taking out bureaucracy and taking out layers, all of which have added complexity and slowed us down,” Smith said, according to Reuters, adding that the cuts were not a reaction to underperformance or market conditions.

The company’s revenue was essentially flat this year at $2.74 billion, with an expected 16 to 17 percent profit margin rather than the previously predicted 18.4 to 19.4 percent.

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

Reuters’ Financial & Risk Growth segment provides news and analytics to companies that handle financial services, and sales have outpaced cancellations there for 10 straight quarters. European , U.S. and other world markets has been slow due to an uneven recovery from the Great Recession of 2008 and 2009. Although it is increasingly difficult to get businesses and consumers to part with their money, Thomson Reuters expects 2-3 percent growth this year.

The stock market reacted favorable to news of the job cuts, with share prices up 4.64 percent on Tuesday.

© 2019 Newsmax. All rights reserved.

   
1Like our page
2Share
TheWire
Thomson Reuters, the parent company of Reuters News Organization, has announced plans to cut 2,000 jobs worldwide, mostly in its Financial and Risk business and Enterprise, Technology and Operations Group.
thomson reuters, cut, jobs, restructuring
313
2016-50-01
Tuesday, 01 November 2016 02:50 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved