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Thomson Reuters to cut 3,200 jobs by 2020

TORONTO — Thomson Reuters said on Tuesday that it will cut its workforce by 12 percent by 2020, axing 3,200 jobs, as part of a plan to streamline the business and improve operating efficiencies. The news and information provider, which completed the sale of a 55 percent stake in its Financial & Risk 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 a ...
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