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Thomson Reuters to cut 2,000 jobs as part of “transformation”

Tuesday, November 1, 2016 7:33
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(Before It's News)

Global news giant Thomson Reuters Corp (TSE:TRI) is to cut 2,000 jobs from its workforce as part of a “transformation” of its business.

The group will also be hit with a US$250mln charge in this current quarter which is connected to the restructuring.

The news came after Thomson Reuters reported lower profits on flat revenues in the quarter just gone.

The organisation – which employs nearly 50,000 people across the world – said the restructuring program would mainly impact its Financial & Risk business and the Enterprise, Technology & Operations Group.

None of the cuts will affect the company’s newsroom, it added.

Thomson Reuters has been looking to stabilise its core businesses for a little while, selling off its intellectual property and science business for US$3.55bn in cash.

It said today that the money raised from this sale will be used to pay down about US$1.7bn in debt, with the remainder used to buy back outstanding shares under a current US$1.5bn authorisation.

Overall, the group posted a profit of US$286mln or 36 cents per share, versus US$293mln or 36 cents a share in 2015. Revenues were flat at US$2.74bn.

Wall Street had expected the news provider to report per-share profit of 47 cents on revenues of US$2.75bn.

Shares were up C$2.14, or 4%, to C$55.

Story by ProactiveInvestors

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