01 March 2017
Visit dh.com

Thomson Reuters to slash 2500 jobs

14 February 2013  |  8086 views  |  1 Stock broker in front of Stock exchange screen

Thomson Reuters is to cut 2500 jobs from its underperforming financial and risk division by year end.

News of the cuts comes as the news and data provider unveiled a return to profit of £239 million in the fourth quarter. The redundancies will come with a $100 million severance price tag to be charged off in Q1 2013.

Approximately 1000 salaries will be removed from the payroll upon completion of the sale of Thomson Reuter's corporate services division to Nasdaq OMX. The remainder will come from the decommissioning of older technology as the company moves customers to its new flagship Eikon and Elektron products.

Thomson Reuters core financial and risk division reported flat revenues in the fourth quarter as the unit continued to struggle with a decline in demand for desktop information services during a prolonged economic slump.

Announcing the cuts, chief executive Jim Smith said he expected sales to pick up in the second half of 2013, with the number of installed Eikon desktops up 33% on the third quarter at 33,900 positions.

Comments: (1)

A Finextra member
A Finextra member | 14 February, 2013, 21:22

The question of the day; will Thomson Reuters finally learn that its customers don't want a totally new desktop product every 10 years, nor do they want (if they use Thomson Reuters data) to have to buy software?  They need to learn from Bloomberg, which comes out with small, easy to digest updates every month, requiring only very simple rollout procedures.  Thomson Reuters has put its clients through RTW / ATW, Kobra, Kobra / 3000 Xtra, and now Eikon, each requiring massive learning curves, limited functionality at first, and some have required redoing ultra complex spreadsheets and expensive infrastructure updates.

1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Thomson Reuters and True Office team on compliance gamification

Thomson Reuters and True Office team on compliance gamification

07 February 2013  |  7282 views  |  0 comments | 8 tweets | 3 linkedin
European Commission approves revised RICs licensing from Thomson Reuters

European Commission approves revised RICs licensing from Thomson Reuters

20 December 2012  |  8192 views  |  0 comments | 1 tweets | 2 linkedin
Nasdaq OMX signs Bursa Malaysia to tech; agrees to buy Thomson Reuters' PR and IR units

Nasdaq OMX signs Bursa Malaysia to tech; agrees to buy Thomson Reuters' PR and IR units

12 December 2012  |  5564 views  |  0 comments | 1 linkedin
Thomson Reuters feels the pain as bank cutbacks bite

Thomson Reuters feels the pain as bank cutbacks bite

02 November 2012  |  6062 views  |  0 comments | 3 tweets
Thomson Reuters Q2 hit by struggling finance sector

Thomson Reuters Q2 hit by struggling finance sector

01 August 2012  |  4964 views  |  0 comments
Thomson Reuters offloads Portia to SS&C

Thomson Reuters offloads Portia to SS&C

29 February 2012  |  8388 views  |  0 comments
Bloomberg piles pressure on Thomson Reuters with Next redesign

Bloomberg piles pressure on Thomson Reuters with Next redesign

27 February 2012  |  12083 views  |  0 comments
Thomson Reuters reports Q4 loss thanks to $3bn goodwill charge

Thomson Reuters reports Q4 loss thanks to $3bn goodwill charge

09 February 2012  |  5758 views  |  0 comments
Vista Equity Partners completes acquisition of Thomson Reuters risk unit

Vista Equity Partners completes acquisition of Thomson Reuters risk unit

01 February 2012  |  7642 views  |  0 comments
Glocer exits as Thomson Reuters appoints Smith to lead turnaround

Glocer exits as Thomson Reuters appoints Smith to lead turnaround

02 December 2011  |  6861 views  |  0 comments
Thomson Reuters disbands Market and Professional divisions

Thomson Reuters disbands Market and Professional divisions

28 September 2011  |  8263 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit Yelloco.co.uk visit BNP paribas

Top topics

Most viewed Most shared
Starling releases Open API, talks up marketplace modelStarling releases Open API, talks up marke...
8730 views comments | 19 tweets | 18 linkedin
Barclaycard strikes new wearable deals for contactless jewellery and watchesBarclaycard strikes new wearable deals for...
7962 views comments | 17 tweets | 15 linkedin
In wake of Cloudflare bug, Starling advises customers to change passwordsIn wake of Cloudflare bug, Starling advise...
7344 views comments | 7 tweets | 12 linkedin
Bank of America first to launch Zelle P2P paymentsBank of America first to launch Zelle P2P...
7181 views comments | 12 tweets | 10 linkedin
Kaspersky records uptick in financial phishing and banking malwareKaspersky records uptick in financial phis...
6793 views comments | 6 tweets | 8 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job