Thomson Reuters overhauls markets unit to stimulate growth
Thomson Reuters, a provider of market data and information services, has announced a restructuring of its markets division, which it claims will accelerate growth by simplifying its business.
The markets division, which currently consists of three businesses: sales and trading; investment and advisory; and enterprise and media, will be reorganised into three new units.
Financial professionals and marketplaces will combine the former sales and trading team with the investment and advisory unit, and will focus on services for investors delivered via Thomson Reuters' screens as well as solutions for trading venues.
The new enterprise solutions division will offer services and infrastructure for financial firms, expanding the firm's current enterprise group. The third business within the new structure, media, will offer news and information tailored for media and business professionals.
"These changes are intended to accelerate growth as we flatten our organisation to operate as an integrated company and unleash cross-company capabilities and operating synergies," said Tom Glocer, chief executive officer of Thomson Reuters.
Thomson Reuters also announced that Devin Wenig, chief executive officer for its markets division, has resigned, with Glocer assuming his responsibilities. Wenig was responsible for the integration of the firm's markets product lines into a two-platform strategy, based on its Eikon and Elektron services. Elektron is a high-performance global network and hosting environment, while Eikon is its financial platform and mobile desktop. Both were launched in 2010.
The restructuring was announced along with the firm's second quarter expectations. Thomson Reuters said it expects to report revenues of between US$3.1-3.2 billion for the first six months of this year, up around 4% compared to the previous six months.