Thomson Reuters Corp on Tuesday announced a new “streamlining” plan to cut an estimated 2,000 jobs at the financial information group as it reported flat revenue and a drop in profits.
“Our core subscription businesses are moving in the right direction, our cost controls are working and we are increasingly confident in our execution capability,” chief executive Jim Smith said. “That is why we are going to pick up the pace of our transformation efforts.”
The reorganization will result in cuts of about 2,000 of 50,000 jobs worldwide, a company spokesman said, referring to an internal memo from the CEO.
Thomson Reuters offers a range of financial and legal information services, and operates the Reuters news agency.
Net profit dipped 2.5 percent in the third quarter from a year earlier to US$273 million, while revenue was essentially flat at US$2.74 billion, Thomson Reuters said.
Receipts from “corporate and other” segments, including the news agency, were down 1.35 percent at US$73 million.
Thomson Reuters is setting aside US$200 million to US$250 million “to accelerate the pace of the company’s transformation program by further simplifying and streamlining the business,” it said, adding that the measures would provide cost savings of the same amount.
One of its major units that provides market data to financial professionals saw revenue stagnate in the face of competition from rivals, such as Bloomberg and the recently founded Symphony Communications, which is backed by major banking companies.
Earlier this year, Thomson Reuters said that it was selling its Intellectual Property & Science business — which serves governments, academic, publishers and corporate clients — for US$3.55 billion.
Last month, the group announced plans to open a technology center in Toronto that would add 400 jobs over the next two years.
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