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Thomson Reuters Beats Wall Street’s Expectations, Plans to Cut 3,000 Positions (JimRomenesko.com)
Thomson Reuters on Tuesday reported a third-quarter profit of 48 cents per share, beating Wall Street expectations by 4 cents. “Our Financial business achieved positive net sales for the first time in more than two years,” CEO Jim Smith tells employees. He adds in his memo: “We will eliminate approximately 3,000 positions as we continue to reduce product and operational complexity across our company.” WSJ The cuts, equivalent to about 5 percent of Thomson Reuters’ workforce of about 60,000, were disclosed on the same day that the financial data and news firm reported a 38 percent drop in third-quarter earnings, due to weaker revenue. The Guardian The news and information company said most of the jobs would be lost from its financial and risk arm, which sells data terminals and other services to investment banks and brokers. The losses are on top of 1,000 cuts announced earlier this year. Including staff leaving and sales of businesses the company’s workforce will shrink by 5,500, or 9 percent, from the start of the year. The Globe & Mail “I think everybody in the world is trying to do more with less,” Smith said. “I don’t think the pressure on costs and keeping them under control is going to lessen. That said, what I hope is this strategy gives us a more predictable path in the future.”