Thomson Reuters is cutting 2,000 jobs as part of a reorganisation that kicked in this week with staff layoffs.
Thomson Reuters announced the job cuts, 4% of its workforce of about 48,000 people globally, as it reported a slight dip in third quarter profit and flat revenue. The cuts will be made across 39 countries and 150 locations and will mainly affect the company’s Financial & Risk business – bad news for capital markets participants – and the Enterprise, Technology and Operations Group.
We were sad to hear that the layoff of many staff members included Tim Lind, global head of financial regulation solutions for the past six years and a key team player at the company. Lind is a well-respected figurehead in our industry, and someone who has driven forward the industry’s agenda on a number of topics, including through his work on various regulatory committees. He will be a significant loss to Thomson Reuters. Many other senior talented executives have also been let go.
Chief executive Jim Smith said in an interview with Reuters that the reorganisation is part of a multi-year effort to streamline Thomson Reuters’ businesses. He emphasised that it is about simplification and taking out layers that slow the company down, and not about market conditions and underperformance. Ironically, Finance & Risk third quarter sales outpaced cancellations for the 10th time on a continual quarterly basis, while revenue remained flat at $1.52 billion.