TORONTO – Thomson Reuters said on Tuesday that it would cut its workforce by 12 percent in the next two years, axing 3 200 jobs, as part of a plan to streamline the business and reduce costs.
The news and information provider, which completed the sale of a 55 percent stake in its Financial & Risk (F&R) unit to private equity firm Blackstone Group, announced the cuts during an investor day in Toronto, in which it outlined its future strategy and growth plans.
The company, which is focusing on its legal and tax businesses following the Blackstone deal, declined to say where the job cuts were being made. However, co-chief operating officer Neil Masterson told investors that staff had already been informed about 90 percent of the planned cuts.
The company aims to grow annual sales by 3.5 percent to 4.5 percent by 2020, excluding the impact of any acquisitions. Chief executive Jim Smith said it planned to cross-sell more products to existing customers and to attract new customers. The company would also cut the number of products it sells, he said.
“We’re going to simplify the company in every way that we can, working on sales effectiveness and on ways to make it easier both for our customers to do business with us and for our frontline troops to navigate inside the organisation,” he said.