Thomson Reuters cuts 3,000 jobs

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New York-based Thomson Reuters, a global news and information company that employs 6,000 in Eagan, is slashing 5 percent of its workforce or about 3,000 jobs.

The layoffs are part of the company's strategy to simplify product lines and cut costs, USA TODAY said.

The newspaper says Reuters has been struggling to retain its market share among competition from Bloomberg, Dow Jones and other startups.

Despite reduced demand, Reuters reported positive net sales for the first time since the second quarter of 2011.

The Associated Press says the cuts announced Tuesday are mainly in the company's financial and risk division. It's still unclear which locations will be affected.

Thomson Reuters' Eagan campus avoided the ax in February when the company announced it was eliminating 2,500 jobs.

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