Thomson Reuters is cutting 3,200 jobs, or 12 per cent of its workforce, as the news and information provider aims to slash costs over the next two years.

By 2020 the media group, controlled by Canada’s wealthy Thomson family, is looking to trim its capital spending to less than 8 per cent of revenue, from 10 per cent currently. Reuters also plans to reduce its number of offices by 30 per cent, the company said during an investor day on Tuesday.