Reuters parent plans to cut 12% of its jobs
Thomson Reuters Corp. said on Tuesday that it will cut its workforce by 12 percent in the next two years, axing 3,200 jobs, as part of a plan to streamline the business and reduce costs.
Matt Scuffham of Reuters writes, “The news and information provider, which completed the sale of a 55-percent stake in its Financial & Risk (F&R) unit to private equity firm Blackstone Group LP, announced the cuts during an investor day in Toronto, in which it outlined its future strategy and growth plans.
“The company, which is focusing on its legal and tax businesses following the Blackstone deal, declined to say where the job cuts were being made. However, Co-Chief Operating Officer Neil Masterson told investors that staff had already been informed about 90 percent of the planned cuts.
“Shares in Thomson Reuters rose as much as 3.7 percent on Tuesday, hitting an all-time high.
“‘They laid out some good plans for the next couple of years,’ said Edward Jones analyst Brittany Weissman. ‘I think there is still a long road ahead, but it was positive. They explained in more detail the pathway to more organic growth.'”
Read more here.