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Thomson Reuters announces 2,500 job cuts in 2013

Thomson Reuters said it would cut 2,500 jobs in its Financial and Risk unit this year.

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The Thomson Reuters building in New York City. (Spencer Platt/Getty Images)

Thomson Reuters announced Wednesday it would cut 2,500 jobs, or about 4 percent of its global workforce, by the end of the year.

The job losses – part of a cost-cutting drive at the global media group – would be in the company’s Financial and Risk unit, which the BBC said was “responsible for renting out computer terminals to clients.”

“These are not easy decisions, but our cost structure has to meet our customers' requirements," chief executive James Smith was quoted by Agence France-Presse as saying.

The job cuts were announced alongside the company’s fourth-quarter earnings, which beat analyst forecasts.

Reuters reported the company’s adjusted earnings increased to $497 million, or 60 cents per share, from $445 million, or 54 cents per share, a year earlier.

Analysts had expected 55 cents per share. 

Revenues for the last three months of the year fell 5 percent to US$3.4 billion, AFP said.

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http://www.globalpost.com/dispatch/news/regions/americas/united-states/130213/thomson-reuters-job-cuts