Arif Durrani of MediaWeek is reporting that Thomson Reuters plans to cut thousands of jobs in its markets division, but none of those cuts will come from the ranks of the 2,900 journalists who work for the company’s Reuters operation.
“However, one internal source told Media Week: ‘The job losses are coming and will be announced in the first quarter.’
“Another confirmed they had been verbally warned about the job cuts in person earlier today, but said the company had been careful not to circulate anything in writing yet.
“The review is being led by Devin Wenig, chief executive of Thomson Reuters Markets.”
Read more here.
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Cutting job in Thomson Reuters is true. One of friend confirm that this company is cutting staffs. In addition, Eikon migration is not very slow and the migration process is very slow which Bloomberg doesn't need to worry about.
Eikon, It is a joke. It take forever to get the login.
Eikon ? I have been waiting for 3 months, Eikon hasn't been installed yet.
It is ridicolous and lot of marketing hot air.
I think Reuters is better before the merger with Thomson. They provide good training and provide better understanding what customer want. I have been in financial market for more than 25 years, and I found out that after the merger the service is getting worst. nobody around to meet your demand. Now, everything is via phone. Nobody come over to help you if you need help.
My suggestion to Thomson, if you cannot look after your client, just sell Ex Reuters to Google or Microsoft, and I believe they can do better.
Agreed with Jane, Reuters used to be a service oriented company and provided good training of the product lines and they had a common sense of trading and Investment Management businesses. It feels like they lost all positive things they had slowly but surely after the Thomson acquisition. From what I heard the chemistries of the 2 firms also did not match.
It would be a good idea to spin off ex reuters business from core Thomson ops (and I think Thomson should stop market data business for good as they just don't get it what their client want)
Yep - layoffs went through between mid-March to March 31. For most of the people last service date was March 31. 10% of the positins has been cut.
Interesting that it is not in the news at all ...
Actually the layoffs and off-shoring in the Markets Division are continuing in the second quarter and likely beyond. These things start at the top of the corporate food chain and work their way down a management level at a time. First your bosses boss goes, then your boss, then you.
There are a also a lot cuts not necessarily reflected in total head count that are the result of moves of jobs to low cost centers. This usually result in a huge loss of experience and domain knowledge that will take years to regain.
The whole Thomson-Reuters merger was a bad idea and the timing was just god awful. Had Thomson waited another year Reuters would have been in receivership. They paid way too much and created a monstrosity.
Many of the remaining employees are now jumping ship, as it is sinking fast. The management team doesn't have a handle on the problems. Bloomberg will rule this market now and in the forseeable future.