Thomson Reuters Corp. said it plans to cut its workforce by 12 percent, or 3,200 positions, by 2020 as part of a push to reduce spending. (Bloomberg)
The news and information provider, which completed the sale of a 55 percent stake in its Financial & Risk unit to private equity firm Blackstone Group, announced the cuts during an investor day in Toronto, in which it outlined its future strategy and growth plans. (Reuters)
Thomson Reuters, which provides tools for corporate, legal and tax professionals and operates Reuters News, said Tuesday it would also reduce its global office footprint by 30 percent by 2020. (WSJ)
Reuters executives did not say where the job cuts would be spread across the company. Thomson Reuters employs more than 2,000 journalists, although news makes up less than 6 percent of the company’s revenues. (FT)
Part of Reuters’ plans includes reducing its capital expenditures by 3 percent and cutting the number of products it sells. Reuters joins other media companies in recently announcing layoffs. News startup Mic, newspaper New York Daily News and magazine publishers Meredith and Hearst all have recently eliminated a combined hundreds of jobs. (CNN Business)