Patrick Smith of PaidContent.org reports that ThomsonReuters plans some aggressive cost cutting in the next couple of months to be proactive during the economic turmoil.
Smith writes, “Devin Wenig, CEO of the markets division that includes Reuters Media and Reuters.com, yesterday told staff, in a frank internal memo obtained by paidContent:UK: ‘Many of our big customers are struggling and there is talk of a global recession. We are in a period of unprecedented change that seems to be unfolding in real timeâ€¦ The changes we are witnessing are global and deep and this is very different to a cyclical downturn.’
“Wenig admitted TRâ€™s top 25 large accounts are under pressure. His solution? ‘The short-term tactical response to this tough market is that we will be relentless about costs, efficiency and challenging the status quo. I donâ€™t apologize for that; every dollar we can drive out of things like travel, entertainment, research that no-one reads, information requests that are not critical and meetings that donâ€™t need to happen, is another dollar we can invest in the critical sales, product, news or service initiatives that will really drive this firm forward.'”
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