Thomson Reuters to cut 2,500 jobs
Source: AP-Excite
NEW YORK (AP) - News and financial information company Thomson Reuters on Wednesday said it is cutting 2,500 jobs, or about 4 percent of its workforce, this year as it tries to reduce costs and turn around its largest division.
CEO Jim Smith told analysts on a conference call Wednesday that the company is eliminating the positions from its "Financial and Risk" division, which rents out trading terminals to the financial industry. It accounts for just over half of Thomson Reuters' revenue.
"These are not easy decisions, but our cost structure has to meet our customer's requirements," Smith said.
Thomson Reuters has about 60,000 employees.
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In this Aug. 4, 2009 file photo, electronic display advertising is shown on the Thomson Reuters building in New York. News and financial information company Thomson Reuters on Wednesday, Feb. 13, 2013, said it's cutting 2,500 jobs, or about 4 percent of its workforce, this year as it tries to reduce costs and turn around its largest division. (AP Photo/Mark Lennihan, file)
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