Thomson Reuters Cuts 3,000 Jobs in Cost-Cutting Move

by Christopher Freeburn | October 30, 2013 9:06 am

Thomson Reuters Cuts 3,000 Jobs in Cost-Cutting Move

tri1 Thomson Reuters Cuts 3,000 Jobs in Cost Cutting Move[1]Lots of pink slips are going out at one of the leading global financial news services[2].

On Tuesday, Thomson Reuters (TRI[3]) announced that it will eliminate 3,000 jobs as it looks to cut costs. That layoffs amount to about 5% of the company’s current payroll and are part of CEO James Smith’s strategy to streamline its product lines and concentrate on higher-growth markets, USA TODAY notes.

In February, the company said it would shed 2,500 workers as it struggled to compete with rivals like News Corp.’s (NWSA[4]) Dow Jones and Bloomberg.

In the third quarter, Thomson Reuters announced that its revenues from ongoing business climbed 2% compared to last year, its first quarterly rise in net sales since 2011.

Shares of Thomson Reuters rose slightly in Wednesday morning trading.

The company joins a number of large companies that have recently announced large job cuts. In August, the nation’s leading mortgage lender Wells Fargo (WFC[5]) said it would cut 2,300 jobs from its mortgage unit[6].

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/06/tri1.jpg
  2. one of the leading global financial news services: http://www.usatoday.com/story/money/business/2013/10/29/reuters-layoffs/3295223/
  3. TRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=TRI
  4. NWSA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NWSA
  5. WFC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFC
  6. cut 2,300 jobs from its mortgage unit: http://investorplace.com/2013/08/wells-fargo-cuts-2300-mortgage-jobs/

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