Thomson Reuters Corp will eliminate 140 editorial jobs by the end of the year as its Reuters news service absorbs Thomson Financial News.
According to T-R, more than half the cuts will be in Europe. The rest will be scattered.
In a memo to employees, Editor-in-Chief David Schlesinger wrote that Reuters plans to add about 50 new jobs in growth areas, leaving the news organization with about 2,500 employees by the end of the year. “Wherever possible, we have worked to minimize job losses and to avoid redundancy by moving people into new roles and cancelling open posts that don’t fit within the new organization,” he wrote.
This is all part of a consolidation effort after Thomson Corp bought Reuters Group for more than $16 billion in cash and stock on April 17.
Thomson Reuters is also cutting as many as 650 jobs in its content, technology and operations division, according to another memo sent to employees.