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

Dec 04 2018 21:11
Adam O. Manzor and Edward Dufner, Bloomberg

Thomson Reuters has said it plans to cut its workforce by 12%, 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% by 2020, Thomson Reuters said on Tuesday in a presentation for investors. By that year, Thomson Reuters expects to have about 11% fewer products and pare its number of locations by 30%.

The pullback underscores efforts to exert cost discipline after third-quarter revenue came in 2.3% 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% at C$67.03 at 9:47 am in Toronto. The stock rose 9.1% this year through Monday, outperforming benchmark Canadian indices.

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

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