I went back and listened to the Q3 Earnings call and the reductions happening now are definitely explicitly stated, although exactly where/who isn’t clear.
Prior to this, I think employees were encouraged to listen to earnings calls, but I’m thinking this latest one was not at all hyped internally. Do you think that was intentional?
Check out the TR 3Q18 earnings slide on Seeking Alpha. Low single digit revenue growth and expenses that exceed revenue. Guess the only way to remedy is to reduce costs (salaries). At one point, GE was at the top of its game. Now, its bonds could fall into junk status. What about other icons like Toys R Us, Sears, Blackberry? In the same way, the need for Thomson Reuters’ services is diminishing. Investing in inexperienced sales and marketing people who simply don’t understand the company and letting them drive the bus was the 1st sign. It has just gotten progessively worse.
@mfd You mean Reuters News managers knew about the scale of the upcoming cost cuts and didn't think it was worth reporting?
Thomson Reuters News email to managers sent out Nov. 2 - there was a link to listen to 3Q earnings call.
Reuters story didn't even mention the cost cuts!
https://www.reuters.com/article/us-thomsonreuters-results/thomson-reuters-eyes-multiple-purchases-after-blackstone-deal-idUSKCN1NB1HY
If the journalists completely missed it, there's an issue with competence.
If the journalists didn't think it was important, there's an issue with news judgment.
If the journalists knew about it and knew it's important, and still didn't include it in their story, there's an issue with censorship/self-censorship.
In any case, what a disgrace.
Second, we have an opportunity to fundamentally reset the organization and to change the way we manage and measure the business. For example, we are reducing the number of management layers by one third and the number of real estate offices by one third. This will lead to a flatter organization designed for speed and greater productivity.
https://seekingalpha.com/article/4218815-thomson-reuters-tri-q3-2018-results-earnings-call-transcript
you can find the full earning call transcript here