Vendors Brace for Merrill-Lehman Fallout

Thomson Reuters last week took steps "to aggressively manage" costs, including a freeze on external recruitment for new roles, a reduction in travel and entertainment spend, and a ban on hiring external consultants.

According to a memo from Devin Wenig, chief executive of Thomson Reuters' Markets division, "We are not reliant on any individual client. We continue to grow in market sectors and across geographies.... In this reality, however, we need to make prudent choices." The memo goes on to

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