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Dec 4, 2018

Thomson Reuters to cut 3,200 jobs by 2020, offer fewer products

Thomson Reuters

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Thomson Reuters Corp. said it plans to cut its workforce by 12 per cent, or 3,200 positions, by 2020 as part of a push to reduce spending.

Capital outlays as a share of revenue will be down about 30 per cent by 2020, Thomson Reuters said Tuesday in a presentation for investors. By that year, Thomson Reuters expects to have about 11 per cent fewer products and pare its number of locations by 30 per cent.

The pullback underscores efforts to exert cost discipline after third-quarter revenue came in 2.3 per cent less than analysts had expected. Toronto-based Thomson Reuters outperformed on profit for the period, suggesting that the beat reflected efforts to hold down expenses.

Thomson Reuters was up 1.8 per cent at $67.03 at 9:47 a.m. in Toronto. The stock rose 9.1 per cent this year through Monday, outperforming benchmark Canadian indexes.

Reuters reported earlier on the workforce and spending plans. Bloomberg LP competes with Thomson Reuters in providing financial news, data and analytics.