Thomson Reuters to cut 2,500 jobs

Thomson Reuters Thomson Reuters unveiled a return to a $372m (£239m) profit in the last quarter of 2012

Related Stories

Financial news and data provider Thomson Reuters has said that it will cut 2,500 jobs, or 4% of its workforce.

The jobs will go in its Financial and Risk unit, responsible for renting out computer terminals to clients such as investment banks.

The news came as Thomson Reuters unveiled a return to a $372m (£239m) profit in the last quarter of 2012.

However, the firm said that sales would remain sluggish, likely to grow only in the low single-digits during 2013.

Speaking about the job cuts, chief executive Jim Smith said: "These are not easy decisions, but our cost structure has to meet our customers' requirements."

Shares in the firm fell more than 2% in New York.

Revenue for 2012 at Thomson Reuters rose 3% to $12.9bn. But arch-rival Bloomberg said on Wednesday that revenue for the year rose 4.5% to $7.9bn.

Bloomberg markets its own data system, which has consistently proven to be a hit with bankers and investors.

Thomson Reuters, a UK-Canadian firm headquartered in New York, has sought to hit back with the launch of its Eikon desktop software.

The number of Eikon-powered computers rose 33% in the fourth quarter from 33,900 in 2012's third quarter, the firm said.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

  • Alana Saarinen at pianoMum, Dad and Mum

    The girl with three biological parents


  • Polish and British flags alongside British roadsideWar debt

    Does the UK still feel a sense of obligation towards Poles?


  • Islamic State fighters parade in Raqqa, Syria (30 June 2014)Who backs IS?

    Where Islamic State finds support to become a formidable force


  • Bride and groom-to-be photographed underwaterWetted bliss

    Chinese couples told to smile, but please hold your breath


  • A ship is dismantled for scrap in the port city of Chittagong, BangladeshDangerous work

    Bangladesh's ship breakers face economic challenge


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.