Dec 4, 2018

Thomson Reuters to cut 12% of its workforce to reduce costs

Photo by Igor Golovniov/SOPA Images/LightRocket via Getty Images

Thomson Reuters, the global news and corporate information company, announced Tuesday at an investors conference in Canada that it will cut 3,200 jobs to reduce costs and to streamline its business.

Why it matters: The company is restructuring to focus on its legal and tax business. It sold a 55% stake of its Financial & Risk practice to The Blackstone Group earlier this year for a buyout deal worth $20 billion.

The details: Co-COO Nick Masterson said that staff had already been informed about 90% of the planned cuts, per Reuters.

  • The company said it plans to reduce its number of offices around the world by 30% to 133 locations by 2020.
  • It hopes to streamline operations by cutting the number of products it sells and instead hopes to increase sales numbers overall by selling a higher volume of its existing products to customers.
  • Reuters News, which makes up only a small part of the business, will remain.

Between the lines: Yahoo reported last month that Reuters set aside $2 billion to focus on strategic acquisitions that would bolster its legal and tax business.

  • Reuters stock was up nearly 4% after the announcement — an all-time high.

Go deeper: Blackstone strikes mega-buyout with Thomson Reuters

Go deeper

Updated 51 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The number of deaths from the novel coronavirus surpassed 400,000 worldwide on Sunday morning, per Johns Hopkins.

By the numbers: Almost 6.9 million people have tested positive for COVID-19 globally and more than 3 million have recovered from the virus. The U.S. has reported the most cases in the world with over 1.9 million.

George Floyd updates

Protesters gather north of Lafayette Square near the White House during a demonstration against racism and police brutality, in Washington, D.C. on Saturday evening. Photo: Jose Luis Magana/AFP via Getty Images

Tens of thousands of demonstrators have been rallying in cities across the U.S. and around the world to protest the killing of George Floyd. Huge crowds assembled in Washington, D.C., Philadelphia and Chicago for full-day events on Saturday.

Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct. A memorial service was held for Floyd in Raeford, North Carolina, near where he was born. Gov. Roy Cooper ordered all flags to fly at half-staff to honor him until sunset.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 6,898,613 — Total deaths: 399,832 — Total recoveries — 3,087,714Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,920,061 — Total deaths: 109,802 — Total recoveries: 500,849 — Total tested: 19,778,873Map.
  3. Public health: Why the pandemic is hitting minorities harder — Coronavirus curve rises in FloridaHow racism threatens the response to the pandemic Some people are drinking and inhaling cleaning products in attempt to fight the virus.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model.
  5. Business: Budgets busted by coronavirus make it harder for cities to address inequality Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.