Thomson Reuters to Cut 2,000

Not good.

Dark days are ahead for Thomson Reuters staffers. During an earnings call, the company—which operates as the parent of Reuters—said it will cut 2,000 employees from its many locations across the globe.

The cuts will result in a four percent reduction in Thomson Reuters’ workforce. The company currently employs about 48,000 people in 140 countries.

Thomson Reuters’ layoffs will mainly impact the company’s Financial and Risk business and its Enterprise, Technology and Operations Group. No cuts are coming to Reuters’ newsroom at this time.

“It’s about simplification and taking out bureaucracy and taking out layers all of which have added complexity and slowed us down,” said Thomson Reuters president and CEO Jim Smith. “These actions are not driven by any reaction to market conditions or in any way coming on the back of underperformance.”