Thomson Reuters warns of more cuts as City shrinks

Posted by Paul McNally on 22 October 2008 at 10:02
Tags: Agencies

Thomson Reuters has warned staff that an “unprecedented” downturn in the City means the news agency will be “accelerating” its cost-saving plans, cutting headcount and reducing its travel and entertainment budgets.

In a staff memo seen by the Daily Mail, the head of Thomson Reuters’ financial markets division, David Wenig, said: “We will be relentless about costs and efficiencies and restrictions on headcount will be followed to the letter.”

The financial data arm makes up 60 per cent of Thomson Reuters’ profits - but as redundancies sweep through the City, demand for the group’s trading terminals and data services has fallen.

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