Thomson Reuters “Streamlining;” Sets Aside $2 Billion to Grow Legal and Tax Businesses

Today Reuters is reporting that TR revealed plans to cut 3,200 jobs — roughly 12 percent of its workforce — by 2020 in an attempt to cut costs and “streamline the business.” As part of the streamlining, the company said it planned to reduce the number of offices around the world by 30 percent to 133 locations by 2020. Thomson Reuters set a target to reduce its capital expenditure to between 7 percent and 8 percent of revenue in 2020 from 10 percent currently. The company has set aside $2 billion of the $17 billion proceeds from the Blackstone deal to make purchases to help grow its legal and tax businesses. For earlier coverage of TR layoffs in Legal see this LLB post.

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