Thomson Reuters streamlines markets division, Devin Wenig bows out

Chief executive Tom Glocer will assume responsibility for the division.

The company reaffirmed its 2011 outlook and said it expects to report second-quarter ongoing revenues of between $3.1 billion and $3.2 billion, up four per cent. Wall Street is looking for $3.15 billion in the Q2 results due to be announced on 28 July.

The markets division, which serves the financial services industry, will be simplified to three business units from four to help accelerate growth, the company said. The sales and trading, and investment and advisory units will be combined.

The company gave no reason for Wenig’s departure beyond saying it was “coincident with these organizational changes”. He joined Reuters in 1993. Before becoming chief executive of markets he was chief operating officer of Reuters prior to the 2008 takeover by Thomson.

Glocer said the changes were aimed at accelerating growth “as we flatten our organization to operate as an integrated company and unleash cross-company capabilities and operating synergies”. 

The Financial Times said Wenig’s unexpected exit was seen by industry members as a sign that Woodbridge, the Thomson family’s holding company that manages its 55 per cent ownership of Thomson Reuters, was seeking faster change after 12 months in which the group’s shares have fallen by 9.9 per cent. ■