Thomson Reuters to cut 2,000 jobs
Financial data provider and news service ThomsonReuters is embarking on a major restructuring that will include theelimination of about 2,000 positions worldwide, the company announced Tuesday.
The layoffs correspond to roughly 4 per cent of the company's entireworkforce of about 48,000 employees. The company has already cutthousands of jobs in recent years.
The company's woes stem from the larger crisis weighing on much ofthe news industry resulting from decreased advertising revenue asreadership has shifted to the internet.
Thomson Reuter's second primary business source - providing stock andeconomic data to customers such as banks and other financial firms -is also no longer as solid as it once was.
The moves are part of a structural streamlining, not a reaction tocurrent market conditions, according to a spokesperson.
The restructuring will cost the company between 200 and 250 milliondollars in the fourth quarter. In the third quarter, the company'snet profit fell from 293 to 286 million dollars. Overall revenueremained stable at 2.7 billion dollars.
The company came into being in 2008, the result of a merger of theCanadian data company Thomson and British news service Reuters. Itsmain rivals are Bloomberg and Dow Jones. It also competes with dpaand its financial news arm dpa-AFX.
-DPA
