23 September 2017
visit www.avoka.com

Thomson Reuters to slash 2500 jobs

14 February 2013  |  8275 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  |  7589 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  |  8380 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  |  5742 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  |  6216 views  |  0 comments | 3 tweets
Thomson Reuters Q2 hit by struggling finance sector

Thomson Reuters Q2 hit by struggling finance sector

01 August 2012  |  5119 views  |  0 comments
Thomson Reuters offloads Portia to SS&C

Thomson Reuters offloads Portia to SS&C

29 February 2012  |  8580 views  |  0 comments
Bloomberg piles pressure on Thomson Reuters with Next redesign

Bloomberg piles pressure on Thomson Reuters with Next redesign

27 February 2012  |  12275 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  |  5920 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  |  7979 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  |  7034 views  |  0 comments
Thomson Reuters disbands Market and Professional divisions

Thomson Reuters disbands Market and Professional divisions

28 September 2011  |  8390 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.temenos.comdownload the paper now

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13023 views comments | 27 tweets | 42 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
8983 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8438 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8015 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
7790 views comments | 31 tweets | 45 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job