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The Thomson Reuters logo on building in Times Square, New York

Thomson Reuters to axe 2,000 jobs globally

Thomson Reuters plans to cut 2,000 jobs and to save at least US$200 million in the fourth quarter as the publisher accelerates its streamlining plans.

The job cuts, which amount to about 4% of Thomson Reuters’ global headcount of 48,000, will be made in 150 locations across 39 countries.

The changes come as part of its multi-year effort to streamline its businesses, CEO Jim Smith said in an interview.

“This is all about taking out layers and taking out bureaucracy and making us faster to market,” said Smith. “We’re knitting together an organisation that was built with hundreds of acquisitions over decades. There’s lots of duplication for us to go after.”

The cuts will be made in the financial and risk division and its enterprise, technology and operations business. The editorial division would not be affected, he said.

The company reported that revenues at Reuters News fell 1% to $73 million in the three months to the end of September. The company’s profits fell to $286 million, compared with $293 million a year earlier.

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