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Thomson Reuters to cut 3,200 jobs by 2020

Thomson Reuters said on Tuesday it will cut 12 per cent of its workforce by 2020, axing 3,200 jobs, as part of a plan to streamline the business and improve operating efficiencies.

The Toronto-based group, which in October completed the sale of a 55 per cent stake in its financial & risk division to private equity firm Blackstone, announced the cuts during an investor day in which it outlined its future strategy and growth plans. F&R now operates as a stand-alone business called Refinitiv.

Thomson Reuters said it had set a target to reduce its capital expenditure to between seven per cent and eight per cent of revenue in 2020 from 10 per cent currently.

It also set a target to grow annual sales by 3.5 per cent to 4.5 per cent by 2020, excluding the impact of any acquisitions.

Thomson Reuters is looking to support organic growth through acquisitions and has set aside $2 billion of the $17 billion proceeds from the Blackstone deal to make purchases.

Shares in Thomson Reuters, which are traded on the Toronto and New York stock exchanges, have risen by nearly 40 per cent since May, benefiting from the company buying back $10 billion worth of shares. ■