Thread regarding Refinitiv layoffs

Global Workforce Reduction and Redeployment Programme (GWRR)

Am hearing from sources there will be a GWRR programme kicking off in March which I can only assume judging by the title will lead to potential job losses and offshoring/outsourcing. Anybody heard same, did hear a while back that as a vast majority of Fleet work should be completed by Q1 2020 there would be a potential cull. Just hope my name is on the list as could not bear to be around for the fallout from this latest round of job cuts.

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Post ID: @OP+13mJtijM

22 replies (most recent on top)

Hieronymous, what will it refer to

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Post ID: @Iiej+13mJtijM

Completely agree with HarryBalls’ comment on learning.

If the described plan goes ahead, I expect it won’t really refer to a Global Workforce Reduction...

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Post ID: @Hwcg+13mJtijM

I’m over 40 and it wasn’t that hard to find a job. It was easier than when I was 22 and had no skills. I was working on dated stuff at Refinitiv and survived about 8 TR/Refinitiv layoffs. About 6-8 layoffs ago I determined I’d teach myself new things. Spent years learning and applying these new skills and applied them at work in whatever small ways I could. I’d encourage you to do that. The market cares more about skills than age and you gotta learn how to learn.

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Post ID: @Gooh+13mJtijM

Well, it's not that easy out there if you're over 40. Finding new work is not that easy, especially since you don't learn much in Refinitiv. Nothing at all, actually, lots of ppl said it... It's mostly politics, stupid hashtag selfies and corporate BS. Yea, I know we should keep our knowledge up to date etc., so easy to get too cozy and so deceitful same time. They seem to care more about forcing 40% women into senior leadership and then diversifying the rest no matter what, than they care about the business itself. This kind of liberal nonsense has no future in today's brutal corporate business world. Things still don't work as planned? Let's use forced rankings to turn ppl against each other, manage by fear and make them leave all p-ss-d off, no more need to fire them, problem solved. Hope new LSEG guys will knock some sense into those old dinosaurs, who can only talk about customer satisfaction for hours, without having a clue how to actually make it happen.

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Post ID: @Fcyw+13mJtijM

Agree with all that is written below. I was “laid off” in 2018 and it’s been the best thing that has happened to me. Before I left it was a very toxic work environment. My previous high blood pressure is now down in normal range, which says something. My sympathy to those of you still left there. Sadly, greed has become a priority and any sense of managerial decency and looking after staff is at a minimum.

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Post ID: @Ckvd+13mJtijM

Anyone with good skills and competent in roles should bail out now from the sinking ship.
I did and it’s only when you are in a better standard of employment that you look back on how bad Refinitiv was.
For many it will be wait for the money and take the pain or jump now avoiding the pain.

On a different subject , I can see LSEG re-evaluate the plan plan to buy Refinitiv myself in the next few months.

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Post ID: @Chcz+13mJtijM

The once great branch I worked in became a depressing, underfunded, disorganized mess over the last 10 years. It was time to put that dog to sleep. I wished they had just paid me to leave but they first forced me to train some contract incompetents on the subcontinent. Those guys will spend the next decade dealing with two separate contracting companies - incompetents also on the subcontinent. Have fun dudes! I wish Refinitiv or TR had the brains or balls to build stuff themselves but they follow the financial industry herd. Like someone said - fintech without the tech. Forcing you to train your replacement - totally F’ed up. That should be illegal. Anyone who says “KT” should be punched in the nuts. I’m in a field with decent demand field - found a job in a week making significantly more. It’s crazy how organized and professional these new guys are. I learn something new everyday.

For a lot of you life can be much better than working at this bleak dung pile. Maybe prospects will get better with LSE. Or else It could be positive for you - get paid to leave and find someplace better. My advice - if someone says “KT” - tell em to eat [email protected]! and die. Or just punch them in the plums.

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Post ID: @Cqjr+13mJtijM

Leave refinitiv, it’s the best thing for your careers

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Post ID: @ycks+13mJtijM

Hey guys, Surely after the past 10 years of restructuring every 12 months and lurching from one set of expert advice to the next we must all be ready for the current reductions. The sad fact is that anyone joining is there because they don't have a job and its better than being unemployed for even a short period but each new owner looks to extract short term value so heads will roll.
Sad but fact.

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Post ID: @tqxr+13mJtijM

"no more dealing with lovely clueless ladies, who act like they own your life ?"

Well now there will an ugly clueless lady. With an accent. Good luck :)

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Post ID: @sinh+13mJtijM

And the redundant HR people can terminate themselves. It will be a growth opportunity for them to see how it feels.

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Post ID: @rafw+13mJtijM

HR outsourced? Such a shame...... no more dealing with lovely clueless ladies, who act like they own your life ?

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Post ID: @qhza+13mJtijM

Technology management is made of a bench of psychopaths and incompetent people, very well paid, never saw that in the past. Reducing costs I get it but distroying it all is a different story. The level of current management/leadersip is the worst of all time (cf survey). Not to mention the people in burn out, sick leave... Great achievment. Culture of self...

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Post ID: @ldly+13mJtijM

HR/admin very likely to be outsourced as well.

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Post ID: @kper+13mJtijM

IT infrastructure audit saying it's a mess? You have to own it to say it's a mess. It's all been outsourced 5 years ago. It's a service now managed by fighting fires, panic and misinformation led by peopl whose role is more important than progress. Time to jump ship, fellows.

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Post ID: @ijhd+13mJtijM

Can anyone else at the town hall confirm or disconfirm that 20%?

More town halls next week. If it’s repeated, I think this thread will be popular. I know several people who would like to be in the 20 percent.

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Post ID: @gvso+13mJtijM

@Sawyer any mention of a timeline for the reductions?

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Post ID: @gikf+13mJtijM

I heard that LSEG have done an audit of the IT infrastructure and it’s in such a mess due to lack of investment that they are asking for it to be fixed or will offer less in the buyout.

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Post ID: @gjob+13mJtijM

Will the last worker left, please turn off the lights.

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Post ID: @fysx+13mJtijM

Desktop and Risk town hall yesterday. 20% of the global workforce will be reduced. Jobs will be outsourced to TCS for technology. But what's new.

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Post ID: @fwqw+13mJtijM

I heard the same, headcount reductions around bonus time followed by outsourcing, no indication which dept’sh– by outsource (TCS?) but most in Technology will be hit by headcount reductions..

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Post ID: @5lxn+13mJtijM

[citation needed]

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Post ID: @2xnb+13mJtijM

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