Lots of pink slips are going out at one of the leading global financial news services.
On Tuesday, Thomson Reuters (TRI) 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) 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) said it would cut 2,300 jobs from its mortgage unit.