Thomson Reuters Announces 3,000 Layoffs
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Looks like the transformation is underway at Thomson Reuters.
The company announced Tuesday that it was laying off 3,000 employees, or approximately 5 percent of its workforce. According to a press release, Thomson Reuters stated it expected to incur a $350 million charge to pay out severance packages and other expenses in order to “help accelerate cost savings opportunities from simplification efforts across the organization.” Most of the layoffs would occur in the company’s financial and risk division.
“These are tough decisions that we do not take lightly. But I thoroughly believe these steps are necessary to position our organization to thrive for years to come,” said Thomson Reuters CEO James Smith in an internal memo that was posted at JimRomenesko.com. David Girardin, a spokesperson for Thomson Reuters, confirmed the authenticity of the memo to Law Technology News.
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