Global communication, information and news company, Thomson Reuters Financial announced today that the firm plans to axe another 3,000 jobs, on top of the 1,000 already eliminated this year, resulting in the downsizing of staff by 9%.

The Anglo-Canadian company say that they have to “restructure and modernize the company”, and have allocated 350 million dollars to a plan to enable to “accelerate” cost containment and proceed with their plan to eliminate the workers, mostly from the finance and risk departments.

CEO, Jim Smith said in a statement, “I think everyone is trying to do more with less”, and continued to explain that this does not necessarily mean it will “reduce” the pressure to contain the costs of the company.

Between January and September 2013, Thomson Reuters showed an operating profit 36% less than the same period of 2012, while revenues were down 4%.

In their latest financial report, James C. Smith, chief executive officer of Thomson Reuters, as quoted as saying, “Our third-quarter results confirm the positive momentum we are generating in the marketplace”.

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