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May 15, 2008

Thomson Reuters Markets boss seeks to calm troops ahead of redundancies news

By Dominic wireposts

As Thomson Reuters gears up to announce what it calls “integration related redundancies” – CEO of Thomson Reuters Markets Division Devin Wenig has sent out an email explaining a little more about the company’s plans.

Press Gazette has obtained a copy and reproduces it here:

“Dear Thomson Reuters Markets Colleagues:

I’ve recently spent a lot of time visiting with colleagues around the world discussing our new company. I know that top of mind for many is the question of potential job losses resulting from our integration.

It’s no secret that a significant amount of thought and planning has been dedicated to eliminating duplication and generating savings within our business. I want to reiterate what I have said in person to many of you, which is that it is crucial that we get this right – for our people, our customers and our shareholders. We now have sufficient clarity that I can communicate to you our immediate plans.

Over the next several days, we will communicate department by department the impact of our integration. Managers will meet with teams that are affected to discuss locally relevant issues, and we will also begin formal consultation with employee representatives such as unions and works councils. Those who are affected will be informed as soon as possible in an effort to shorten the time of uncertainty.

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There are a couple of things worth noting in advance of this process.

Losing people is always the toughest part of running a business. We have made every attempt possible to deliver savings and eliminate duplication by canceling open posts, by moving people within the new organization to fill critical roles, and by managing the underlying attrition rate of the company, so that the actual number of redundancies is held to a minimum. The forthcoming announcements will make that clear on a group by group basis.

While these actions will mean an immediate reduction in our headcount, it does not mean that we intend to stop growing our business. It is vital that we deliver on our ambitious growth plans, and to do that we need to attract and retain talent. Over the next several years, it is our intention to grow our employee base in the normal course along with growth in our business. If we deliver on our growth plans that would imply adding a significant number of new roles.

It is always our intention to communicate job losses clearly and to implement those plans swiftly in order to provide individuals and teams with certainty. In this case, the jobs that are impacted are largely the result of duplication between the two organizations and we would expect the majority of these actions to be completed within this year. Going forward, there may be further merger related reductions in staff, but they will generally be tied to a specific decision to stop a business activity (such as to shut down a product, technology or a process). We will communicate any of those actions when we know more about them.

Finally, it goes without saying that we intend to treat all impacted employees with respect and dignity and fairness. These are core values of mine and of our company.”

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