Market data products and systems vendor Thomson Reuters will be cutting 3,000 jobs, mostly from its Financial and Risk division, according to an internal memo that emerged at the same time as the company’s reporting of third quarter results.
The financial results include a $350 million charge that will facilitate the layoffs for a division that had positive sales in the third quarter for the first time in over two years, say company officials. Yet the layoffs are in line with the company’s ongoing efforts to transform and simplify its offerings and operations.
The company, with 60,000 employees across 100 countries, foresees “ample opportunities to simplify” operations, strengthen its value proposition and drive organic growth, says Jim Smith, president and CEO of Thomson Reuters, during a results presentation with analysts. “We remain confident in the overall trajectory of the company,” he says.
Overall, revenues from the company’s ongoing businesses grew 2% (before currency) from the prior-year period to $3.1 billion, reflecting a tough market for Thomson Reuters’ offerings. Stephane Bello, chief financial officer for Thomson Reuters, adds that despite difficult market conditions caused by the Great Recession, the company has “turned the corner in our finance business.”
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