As Thomson Reuters Corp. take steps to streamline its global business it has to cut about 4 percent which is around 2000 jobs worldwide. Mostly the ET&O (Enterprise, technology, and operation) group and financial and risk business will be affected by the restructuring that will take place across 39 jurisdictions. The ET&O is a global team of around 22,000 staffs, which was set up January 2016. Including its operation centers, technology functions and real-estate and sourcing has been absorbed into a single enterprise team by the ET&O group. “We believe that ET&O will offer us with a superior opportunity to fast-track our development on scale and growth advantages and will allow us to refine our focus on assigning resources to our growth priorities,” said the information company in the annual report for 2015.
A $200 million to $250 million charge has been taken by the Thomson Reuters in the fourth quarter to streamline its business. The complexity has been added by taking out bureaucracy and lawyers and about simplification and slowed us down. Reaction to market condition or in any way coming on the back of underperformance is resulting in these reactions. In order to cut cost in its financial, legal and risk divisions the company has announced 2500 job cuts about 3 years ago.