Thomson Reuters to cut 3,200 jobs by 2020

According to reports, the move is part of an endeavour to cut costs and create a more streamlined organisation

ThomsonReuters

Thomson Reuters, the company that runs Reuters News, is expected to cut 3,200 jobs in the next 2 years in an effort to reshift the company's focus on software services, according to news reports. It is not yet known where the cuts will be made.

It was reported that Thomson Reuters announced the cuts during an annual investor day in Toronto on December 4, and highlighted that the move is part of an endeavour to cut costs and create a more streamlined organisation with a focus on its legal and tax businesses after selling 55% of its Financial & Risk unit for around $20 billion to Blackstone Group.

Reports state that the company also plans to downsize the number of global offices to 133 by 2020.

In 2017, Reuters News accounted for 6 per cent of Thomson Reuters' total revenue

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