MINNEAPOLIS (WCCO) – Thomson Reuters Corp. announced Tuesday plans to cut more than 3,000 jobs, about 12 percent of its workforce, by 2020.

The Toronto-based news and information provider says it is streamlining operations, but did not specify exactly when the cuts will be made or if they’ve already happened.

According to The Star Tribune, some cuts already happened in Minnesota, at the company’s legal publishing operation in Eagan.

While the company didn’t tell the newspaper how many people were recently cut, former employees said that the number could be a few hundred workers.

The job cuts announcement Tuesday came during an investor meeting, in which the company’s future was mapped out.

In response to the job cuts announcement, Reuters’ shares rose to a record high in morning trading.

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