Thomson Reuters Cuts 2,000 Jobs Worldwide in Restructuring
- Will take cost-cut charge of up to $250 million this quarter
- Profit exceeds estimates as subscription business improves
Pedestrians walk past the Reuters headquarters in London's Canary Wharf.
Photographer: Suzanne Plunkett/BloombergThis article is for subscribers only.
Thomson Reuters Corp. is eliminating 2,000 jobs worldwide as the news and information provider restructures to focus on growth areas like its risk and legal units.
The company will take a fourth-quarter charge of $200 million to $250 million, mostly in its enterprise, technology and operations group, as part of the cuts, according to a statement Tuesday. The resulting savings are projected to be of “a similar magnitude” to the charge, it said. The shares jumped as much as 5.5 percent, the biggest intraday gain in more than 5 years. It traded up 4 percent to $41 at 10:53 a.m. in New York.