Thomson Reuters to cut 2,500 jobs in finance unit
NEW YORK (AFP) - Global media and financial information group Thomson Reuters said on Wednesday it would cut 2,500 jobs in its risk division by the end of the year as part of a cost-cutting drive.
Chief executive James Smith announced the cuts as he released the company's quarterly and annual financial results, saying the move "positions us for far greater improvement in 2014."
Mr Smith said 2012 "was a watershed year despite an economic environment that proved to be even more challenging than we had anticipated" and cited "numerous operational issues needing repair."
In the company's large financial unit, Smith said, now has "far more rigor, transparency and discipline." He said the unit known as "Finance and Risk" will trim 2,500 jobs by the end of 2013 as part of a drive to boost profits.