News & financial information company Thomson Reuters to cut 2,500 jobs
2:25 PM, Feb 13, 2013
NEW YORK - News and financial information company Thomson Reuters says it's cutting 2,500 jobs this year as it tries to reduce costs and turn around its largest division.
CEO Jim Smith told analysts on a conference call Wednesday that the company is eliminating the positions from its "Financial and Risk" division, which accounts for just over half of its revenue. Thomson Reuters has about 60,000 employees.
"These are not easy decisions, but our cost structure has to meet our customer's requirements," Smith said.On Wednesday, the company said it posted a profit of $372 million for the fourth quarter after a large loss in the same period a year earlier, capping what Smith called "a watershed year" in the company's turnaround.