Thomson Reuters plans to axe 3,200 jobs in the next two years, cutting its staff by 12% as part of a company refocus on software services.
Thomson Reuters, which runs Reuters News, announced the cuts today (December 4) during investor day in Toronto.
The company said the staff cut is part of an effort to run a more streamlined organization, focusing on its legal and tax businesses after selling 55% of its Financial & Risk unit for around $20bn to Blackstone Group.
Thomson Reuters also plans to reduce its number of global offices by 30% to 133 by 2020.
The company did not say where cuts will be made.
In 2017, Reuters News accounted for 6% of Thomson Reuters' total revenue