Thomson Reuters has announced it will be cutting its workforce by 12 percent in the next two years.
The news and information provider confirmed during an investor day in Toronto that it will be cutting 3,200 jobs by 2020.
The company will also reduce the number of offices it has around the world by 30 percent, leaving 133 locations by 2020.
There's no word yet on where the job cuts will fall, with Thomson Reuters not sharing that information at this stage.
The company has a major office in Eagan, Minnesota, where it employs more than 6,700 people, mainly in its corporate and legal business departments – which includes its legal information and marketing service FindLaw.
Reuters reports that Thomson Reuters just sold a 55 percent stake in its Financial & Risk unit to a private equity firm, and as a result of that sale, its Minnesota-based legal business now accounts for 43 percent of the company's revenues.
A further 23 percent of sales comes from its corporate departments.