NEW YORK CITY: The Thomson Reuters chief executive on Tuesday (Wednesday in Manila) warned employees of “tough decisions” ahead for the media and financial information group, which announced 2,500 layoffs since the beginning of the year.
James Smith, Thomson Reuters chief executive officer, announced the appointment of a new “chief transformation officer,” Neil Masterson, to help direct the shifts planned for the British-Canadian company.
“I know we’ll have to take many tough decisions to redirect our efforts toward our future potential,” Smith wrote in a letter to the company’s 60,000 salaried employees, extracts of which were published on the website The Baron.
The website includes former Reuters employees and focuses on company news.
“We need to simplify our business,” Smith said in the letter.
“We need to respond to opportunities more quickly. We need to better align resources behind our most promising growth opportunities,” he said.
“We need to do a better job of sharing resources across the organization. And we need to attack internal bureaucracy once and for all,” Smith added.
Thomson Reuters is the parent company of the Reuters newswire, a competitor of Agence France-Presse, but the company earns most of its revenues from financial terminals it provides in banks, and trading floors and from the distribution of specialized financial and legal information.
The 2,500 job cuts announced in mid-February were in the Financial and Risk division, which oversees the financial terminals.