Thomson Reuters to cut global workforce by 12 per cent, slash 3,200 jobs
In this Aug. 4, 2009 file photo, electronic display advertising is shown on the Thomson Reuters building in New York. (AP Photo/Mark Lennihan, file)
The Canadian Press
Published Tuesday, December 4, 2018 11:49AM EST
Last Updated Tuesday, December 4, 2018 11:51AM EST
TORONTO -- Thomson Reuters Corp. says it is cutting 12 per cent of its global workforce, or 3,200 full-time jobs, by 2020.
The news and information company made the announcement at its annual investor day conference in Toronto.
Executives at Thomson Reuters says the move is part of a larger plan to further reduce the company's expenses over the next two years.
The company currently employs around 27,000 employees worldwide. Following the cuts, it will employ about 23,800 employees.
Thomson Reuters says it also plans on trimming the number of its global offices from the current 185 to 133 by 2020.
Dave Moran, a spokesman for Thomson Reuters, says the impact of the job cuts in Canada will be "minimal" but was unable to provide any other specifics.
In October, Thomson Reuters completed the sale of a 55 per cent majority stake in its Financial & Risk business to a group led by the Blackstone private equity firm and the Canada Pension Plan Investment Board. The deal valued the business at roughly US$20 billion, and Thomson Reuters received roughly US$17 billion in cash.
Thomson Reuters retains a 45 per cent stake in the financial and risk business -- which includes its financial terminal business -- and now operates under the name Refinitiv.