“The majority of the head count has been communicated and 90 percent of the site reduction is underway,” Neil Masterson, COO for operations and enablement, said during the Investors’ Day webcast.

Among the adjustment to employee base is eliminating layers of  management. That will be an average of six layers, he said. Capital expenditures will be cut to 7 percent to 8 percent of revenue from the current 10 percent.

The new program follows the spinoff of Refinitiv, Thomson’s Financial and risk business. Blackstone owns the majority of Refinitiv stock with Thomson holding the rest.

Business segments have also been reorganized. Until July the segments were Legal, Tax & Accounting, and Reuters News. Now, the company has Legal Professionals, Corporates and Tax Professionals, with the corporate segment were there is a overlap with the other two segments. Reuters News continues separately.

Thomson also has started a major effort to reach small firms. Masterson said that there are 450,000 small practitioners in the United States alone