Major indices finish lower amid GE earnings disappointment >>> READ MORE

5 Big-Name Companies Cutting Jobs

Mass layoffs are more proof that jobs crisis is far from over

      View All  

Thomson Reuters

layoffs reutersNumber of Layoffs: 3,000
Layoffs As % of Workforce: 5%

Financial news giant Thomson Reuters joined the layoffs parade in late October by announcing plans to boot around 3,000 of its workers thanks to tough competition and tepid sales.

The move comes on top of earlier layoffs, too. That means the Thomson Reuters workforce of 60,000 will lose just under 10% of staff thanks to 2013 layoffs. This second round of layoffs will mainly affect the financial and risk division, which is the company’s biggest unit.

Like Kellogg, Thomson Reuters said the layoffs are meant to help the company focus on growth markets. On top of that, the company is also trying to simplify its product lines.

Other media firms including Gannett (GCI) and Disney (DIS) have also announced staff layoffs this year.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC