Thomson Reuters to Cut 3,200 Jobs by 2020, Offer Fewer Products
Thomson Reuters Corp. said it plans to cut its workforce by 12 percent to reduce spending.
(Bloomberg) -- Thomson Reuters Corp. said it plans to cut its workforce by 12 percent, or 3,200 positions, by 2020 as part of a push to reduce spending.
Capital outlays as a share of revenue will be down about 30 percent by 2020, Thomson Reuters said Tuesday in a presentation for investors. By that year, Thomson Reuters expects to have about 11 percent fewer products and pare its number of locations by 30 percent.
The pullback underscores efforts to exert cost discipline after third-quarter revenue came in 2.3 percent less than analysts had expected. Toronto-based Thomson Reuters outperformed on profit for the period, suggesting that the beat reflected efforts to hold down expenses.
Thomson Reuters was up 1.8% at C$67.03 at 9:47 a.m. in Toronto. The stock rose 9.1 percent this year through Monday, outperforming benchmark Canadian indexes.
Reuters reported earlier on the workforce and spending plans. Bloomberg LP competes with Thomson Reuters in providing financial news, data and analytics.
To contact the reporters on this story: Adam O. Manzor in New York at amanzor@bloomberg.net;Edward Dufner in Dallas at edufner@bloomberg.net
To contact the editors responsible for this story: Rakshita Saluja at rsaluja4@bloomberg.net, Madeleine Lim
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