It is understood that hundreds, if not thousands, of roles across the group’s 27,800-strong Markets division will be shortly under review, with a significant number of sales, marketing and client-supporting staff being placed into consultation.
According to sources, some senior management at Thomson Reuters were informed of impending cuts today, although there has been no public announcement.
The employment review is not believed to include any of the 2,900 journalists employed by the company globally.
The Markets division was born from the original Reuters stable of staff following its merger with Canadian giant Thomson in 2008.
, which created the biggest financial information provider in the world.
A Thomson Reuters spokesman said the company did not comment on "rumour and speculation" and went on to dismiss the specific claim that up to 12%, some 3,000+ staff, of the Markets division was under threat.
However, one internal source told Media Week: "The job losses are coming and will be announced in the first quarter."
Another confirmed they had been verbally warned about the job cuts in person earlier today, but said the company had been careful not to circulate anything in writing yet.
The review is being led by Devin Wenig, chief executive of Thomson Reuters Markets.
The pending cuts come on the back of a year of heavy investment at the company, which included its .
The group hopes Eikon will "redefine the way financial professionals work" throughout the world’s major markets, but to-date just 12,000 desktops have been sold at full or discounted price.
The company posted revenues of $13.1bn in its full year report today, up 1% year on year. However, operating profit for its Markets division slumped 8% to $1,337m, as drops in sales and the costs of product launches offset any savings made by its ongoing efficiency drive.
Tom Glocer, chief executive of Thomson Reuters, called 2010 "a year of execution and delivery" and added: "With this period of heavy investment now successfully completed and our markets improving, we have set our sights on accelerating growth and delivering strong returns on our investments."
The anticipated cuts are in addition to a unspecified number of global job losses in Thomson Reuters’ media division in November 2010.
According to sources, some senior management at Thomson Reuters were informed of impending cuts today, although there has been no public announcement.
The employment review is not believed to include any of the 2,900 journalists employed by the company globally.
The Markets division was born from the original Reuters stable of staff following its merger with Canadian giant Thomson in 2008.
, which created the biggest financial information provider in the world.
A Thomson Reuters spokesman said the company did not comment on "rumour and speculation" and went on to dismiss the specific claim that up to 12%, some 3,000+ staff, of the Markets division was under threat.
However, one internal source told Media Week: "The job losses are coming and will be announced in the first quarter."
Another confirmed they had been verbally warned about the job cuts in person earlier today, but said the company had been careful not to circulate anything in writing yet.
The review is being led by Devin Wenig, chief executive of Thomson Reuters Markets.
The pending cuts come on the back of a year of heavy investment at the company, which included its .
The group hopes Eikon will "redefine the way financial professionals work" throughout the world’s major markets, but to-date just 12,000 desktops have been sold at full or discounted price.
The company posted revenues of $13.1bn in its full year report today, up 1% year on year. However, operating profit for its Markets division slumped 8% to $1,337m, as drops in sales and the costs of product launches offset any savings made by its ongoing efficiency drive.
Tom Glocer, chief executive of Thomson Reuters, called 2010 "a year of execution and delivery" and added: "With this period of heavy investment now successfully completed and our markets improving, we have set our sights on accelerating growth and delivering strong returns on our investments."
The anticipated cuts are in addition to a unspecified number of global job losses in Thomson Reuters’ media division in November 2010.
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