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Thomson Reuters to cut 3,200 workers

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Thomson Reuters
America   Thomson Reuters said that it had set a target to reduce its capital expenditure

Thomson Reuters said that it will cut its workforce by 12 percent by 2020, axing 3,200 jobs.


The news and information provider, which completed the sale of a 55-percent stake in its Financial & Risk (F&R) unit to private equity firm Blackstone Group, announced the cuts during an investor day in Toronto, in which it outlined its future strategy and growth plans.

Thomson Reuters said that it had 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 also set a target to grow annual sales by 3.5 percent to 4.5 percent 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.


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