Global information company Thomson Reuters plans to cut 140 editorial jobs by the end of the year as its Reuters news service absorbs Thomson Financial News.
More than half the cuts will be in Europe, while the rest will be scattered, editor-in-chief David Schlesinger wrote in a memo to employees on Monday.
Reuters also plans to add about 50 new jobs in growth areas, Schlesinger said, adding that the news organisation should have about 2 500 employees by year’s end.
”When two similar and once competing organisations come together, there is natural overlap and duplication in coverage,” Schlesinger wrote.
”Wherever possible, we have worked to minimise job losses and to avoid redundancy by moving people into new roles and cancelling open posts that don’t fit within the new organisation,” he added.
Thomson Reuters had said it would shed jobs after Thomson Corporation bought Reuters for more than $16-billion in cash and stock on April 17.
Thomson Reuters, which employs 50 000 worldwide, could lose about 1 500 jobs in total, according to a BBC report.
Thomson Reuters is cutting as many as 650 jobs in its content, technology and operations division, according to a memo sent to employees by the head of that group, Peter Moss.
”It is important to emphasise that the number of people leaving the company through redundancies will be significantly less than this, with our current projection being approximately 250 people,” Moss wrote.
Thomson Reuters spokesperson Frank DeMaria confirmed the statements in the memos.
A spokesperson for Britain’s National Union of Journalists was not immediately available for comment.– Reuters