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Thomson Reuters to Cut 2,500 Jobs

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. 

TRI Revenue Quarterly YoY Growth Chart

TRI Revenue Quarterly YoY Growth data by YCharts.

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Rich Duprey
TMFCop

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.

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7/28/2015 11:23 AM
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