Thomson Reuters to axe 3,200 jobs worldwide
Thomson Reuters, the Canada-based provider of news and information for professional markets, is planning to cut 3,200 jobs by 2020. This is to reduce costs and “streamline the business,” according to the news arm of the organisation.
The reduction will account for 12% of the media giant’s workforce.
In a report published by TheWrap, a company spokesperson said employees had already been informed about the reductions, as the headcount figures were announced during a presentation on investor day.
But the same spokesperson did not reveal which divisions will be affected or when.
As part of the streamlining, the firm is looking to cut the number of offices it has worldwide. By 2020, it plans to reduce them by 30% to 133 locations.
The news and information provider is also aiming to grow annual sales by 3.5% to 4.5% and plans to reduce spending from 10% to between 7-8% in 2020.
Thomson Reuters recently sold a 55% stake in its Financial and Risk unit to private equity firm Blackstone Group.