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Thomson Reuters Financial & Risk division 'ready for growth'

Thomson Reuters' Financial & Risk division became a smaller, more focused organisation this year and is ready for growth, its head David Craig, pictured, told staff in an end-of-year message.

“In 2013 your hard work turned our business around and delivered for our customers. We made a significant shift from being a product company to becoming a true platform company, delivering value across our customers’ enterprises,” he said. 

Among examples of the transformation: the third version of the Eikon desktop data terminal was launched, with over 120,000 installed, and three major legacy platforms and nearly 100 other products were shut down.

“In Q3 we reported our first positive sales quarter in over two years and four quarters of year on year improvements in net sales. We simplified contracts, administration processes and billing,” Craig said. “The world welcomed our industry-changing open messaging partnership and the industry endorsed our success with over 25 awards won.”

Financial & Risk, Thomson Reuters’ largest division with a contribution of more than half of group revenue, bore the brunt of about 3,000 company-wide job cuts in the fourth quarter. F&R includes products and services for financial professionals and marketplaces, enterprise solutions, and media.

Craig, president of F&R, said the changes “allowed us to become a smaller, more focused organisation that’s ready for growth. Transformation is never easy, and I know how hard everyone has worked this year. This is a tough time for many of us in F&R. I said we would speak to the majority of people impacted by the job cuts by mid-December, and we have, although in some countries the consultation process will last into next year.”

He added that the division’s new operating model “positions us better than ever to partner with our customers as one Financial & Risk and accelerate our growth”. ■

Thomson Reuters