Thomson Reuters increases global job cuts target to 5,500

Global news agency and financial information company Thomson Reuters has increased its job cuts to 5,500.
 
The US-based company, which has a substantial UK presence, announced proposals to cut 2,500 jobs in February. The news of 3,000 additional job cuts came as the company announced a reduction in net income for the third quarter of its financial year.
 
This profit figure fell by 37 per cent year on year to $283m on total revenue for the period up 2 per cent to $3.07bn.
 
The job cuts represent just over 9 per cent of the 60,000 global workforce.
 
On the positive side, the company said that sales of its financial data terminals outpaced cancellations in the period July to September for the first time since 2011.
 
Chief executive Jim Smith said: "I think everybody in the world is trying to do more with less. I don't think the pressure on costs and keeping them under control is going to lessen. That said, what I hope is this strategy gives us a more predictable path in the future."
 
The company also announced plans to buy back $1bn worth of shares.
 
The job cuts are expected to mainly fall in the financial and risk division which provides information to banks and other investors via specialist terminals.
 
In 2012, Financial and Risk accounted for $6.8bn of Thomson Reuters' total $12.4bn turnover.
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