Thread regarding Refinitiv layoffs

Layoffs in Refinitiv Gdynia, Poland today

As in the subject, does anyone have more information? All are sitting at home due to covid, some were invited to the meeting today and offered a mutual agreement separation. No idea on total headcount.

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Post ID: @OP+15VcXhyq

10 replies (most recent on top)

Labor Union in Gdynia was not informed at all. Everyone dismissed was presented a mutual agreement, so not even sure how many got fired here.

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Post ID: @fkwz+15VcXhyq

There is a labour union in Gdynia they should have the details of the layoffs locally, the exact number and the business areas impacted, contact them for info. Unite members in London got the details for the UK plan.

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Post ID: @esjn+15VcXhyq

I think there were quite a small number in Poland but there will be several hundred exits I'm told when they merge will LSEG and move these to Romania where LSEG have a big office.

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Post ID: @5btx+15VcXhyq

It seems like they pull this every July and December. Maybe they should hire a CEO out of Manila. Can we even say Chief anymore?

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Post ID: @3qaz+15VcXhyq

Don't think it was too many in Gdynia from what I hear - some roles in my team are moving to Exeter/Nottingham. High turnover in Gdynia is an issue, and per my manager not much cost difference.

Labour laws in UK are easier vs. Poland, and apparently there is a total nut job running the union there, union and doesn't have much follower-ship.

Good luck to all the impacted colleagues, there is lots of big companies in the area and hopefully everyone will find a job.

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Post ID: @2jlg+15VcXhyq

I disagree with the sentiment of “they want more” as the reason behind this. We shut down Eagan earlier as it’s a TR site and not strategic. This looks to me to be just a second phase of the same consolidation/move away from TR sites. Also, when a company is under a sale agreement, they have zero flexibility in their spending until the sale closes. If something goes over budget in one area, it has to be made up elsewhere, else it alters and could even k–l the deal. If we are over budget - and I’m not saying we are or aren’t - just if - this could be a driver. This is also just common M&A housekeeping coming off the back of the TR/Blackstone deal. I think you’d have to be foolish not to expect additional redundancies in the first two years after LSEG closes. Polish your resume, pad your bank account, and understand that M&A based redundancies are the new norm in big business and can’t be escaped forever

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Post ID: @2zxn+15VcXhyq

I guess no one will know how much in certain location would be affected. Around 1k worldwide? For this company people are just numbers from it's beginning. It was set up for being as profitable as possible. Not sure when that started, but after splitting from TR it became so obvious. Each couple months there are reductions. They're not poor, they just want more. It's understandable that they're seeking for the profit looking from their side, it's sad that people are just resources. Tendency is that workforce moves east.. Wish you all peace and happiness, hope you all will find your way out there.

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Post ID: @qax+15VcXhyq

My son works in St. Louis for Refinitiv and the same here. Not sure I’m rather he will be offered a position with TCS or not. He is really bummed out and worried.

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Post ID: @eln+15VcXhyq

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