Financial news provider Thomson Reuters (NYSE:TRI) will cut 2,500 jobs this year in an effort to reduce costs amid a turnaround effort; it expects to spend about $100 million in severance costs.
CEO Jim Smith said during a conference call discussing the company's quarterly and year-end earnings results that the job losses would occur in its financial and risk division, which accounted for 54% of Thomson Reuters' total revenues in 2012. "These are not easy decisions, but our cost structure has to meet our customers' requirements," Smith said.
The information services provider employs approximately 60,000 people in more than 100 countries, making the cuts equal to about 4% of the work force.
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