14:56 GMT +318 March 2018
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    Media Giant Thomson Reuters to Cut 2,000 Jobs, 4% of Global Total

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    According to company CEO, global media company Thomson Reuters will lay off some 2,000 workers in 39 countries as part of a planned “transformation” of its business.

    WASHINGTON (Sputnik) Global media company Thomson Reuters will lay off some 2,000 workers in 39 countries as part of a planned “transformation” of its business, company CEO Jim Smith said Tuesday.

    "These actions are not driven by any reaction to market conditions or in any way coming on the back of underperformance," Smith was quoted as saying by Reuters News, a unit of the company.

    The cuts will affect about 4 percent of Thomson Reuters’ workforce in 150 locations but won’t reduce the number of newsroom employees, the company said in a press release earlier Tuesday announcing its third-quarter financial results.

    In the release, Toronto-based Thomson Reuters said the cost of its restructuring could total between $200 million and 250 million, with most of the charges to be taken in two company segments — Financial & Risk and the Enterprise, Technology & Operations Group.

    "This charge is intended to accelerate the pace of the company’s Transformation program by further simplifying and streamlining the business," the release stated.

    In its most recent quarter, which ended September 30, HYPERLINK "" ThomsonReuters reported net income of $286 million, or 36 cents a share, compared with $293 million, or 36 cents a share, in the third quarter of 2015. Revenue totaled $2.74 billion, unchanged from the year-earlier period.


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