Thread regarding Refinitiv layoffs

Refinitiv layoffs July 2020

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Post ID: @OP+15VqfCeq

16 replies (most recent on top)

"Investing in people", "leveraging our specialists" er, who, where, how? Oh, you're redundant, by the way.

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Post ID: @Bvyt+15VqfCeq

Anyone know the body count in the Bangkok office? I heard they gave notice to a lot of long time tech ops people who will be gone come October. They are some of the most knowledgeable people in the company who have the benefit of working side by side with a lot of the development teams based there and cannot easily be replaced by new inexperienced TCS workers with only two months training. Why didn't they get an offer to move to TCS like they did in St Louis and NYC? Can't wait to see the "SR" count when things break and no one knows how to fix them.

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Post ID: @vufe+15VqfCeq

DW and DC declared they wanted to replace 80% of the staff to create this New Company $13b indebted called Refinitiv (people are still wondering what it means), within a Bold Open Focus culture. Replace 80%. Not including them of course. And obviously there will be massive bonuses for LT at the closure of the LSEG deal.

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Post ID: @uiwu+15VqfCeq

@bhzo

Lets move all the roles including IT remote working roles and stick them under one roof Monday to >Friday => higher building costs, loss of expertise, covid risks, What business sense is that and how >does it help the customer in the long term in losing valuable knowledge and expertise just so they >can stick everyone in one building 5 days a week?

Or better yet, we could just get rid of all our tech roles, loyal long-time employees and valuable knowledge altogether, pawn it off to TCS and let them deal with it as cheaply as possible and hope the cracks don't show. Let's show LSEG what a good job all the xLT teams have done with cost savings. You know what they say about polishing a türd.

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Post ID: @mebm+15VqfCeq

More layoffs of good people. This is the only tech/data company I know which is moving away from agile working. Lets move all the roles including IT remote working roles and stick them under one roof Monday to Friday => higher building costs, loss of expertise, covid risks, What business sense is that and how does it help the customer in the long term in losing valuable knowledge and expertise just so they can stick everyone in one building 5 days a week? This company is so badly managed to warrant frequent annual layoffs. What about training and developing current employees to meet the needs and take the company forward?

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Post ID: @bhzo+15VqfCeq

@3yjf

Some of the low-level ops managers, tech managers and team leaders are also moving to TCS. Middle managers to directors, if not part of the layoffs, are generally staying with Refinitiv. At least that's from my observations.

The impression I got from the TCS HR contact is that they're expecting a certain percentage of people to refuse the TCS deal and move on, or sign on with TCS at first and then quickly jump ship soon after something better comes along. Indian outsourcing giants like TCS have this down to a science. I'm sure they bake in a fudge factor that's part of the engagement contract that predicts that they will replace domestic workers who don't take the deal, or leave soon after taking the deal, with cheaper Indian workers either right away or within six months to a year.

And don't forget, TCS contractors have been, and still are, familiar with Refinitiv systems and processes because of Fleet. So from the start, they already have a large pool of workers who can fill roles quickly without much onboarding needed, and that includes management roles.

Finally, after the two-year Refnitiv/TCS engagement expires and the Refinitiv severance clause no longer applies, I'm betting shortly after they will start forcing the remaining domestic employees out in favour of Indian workers.

All these "cost savings" predictions were likely factored into what TCS will cost over the next X number of years versus keeping staff in-house and was part of the decision to "insource" to TCS.

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Post ID: @3vek+15VqfCeq

What happens to all the people managers now that all the staff are moving to TCS or out the door? It is strange that the SLT or LT teams do not seem to be directly impacted by this transformation. The quality of individuals with years of experience and detailed knowledge is going to have a negative impact on the organisation.

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Post ID: @3yjf+15VqfCeq

UK Meeting today about TCS. Very few details supplied in the invitation and then t is a non-participation meeting so we will be spoken to about what is happening.

Seems largely support teams are invited to the meeting with a few of the directory’s first London and Nottingham.

Details to follow....

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Post ID: @3fyz+15VqfCeq

It seems that a whole Dev team is going to leave at Hobokken.
I am curious to see how they will remain x months motivated and willing to cooperate ...
Very strange times

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Post ID: @3cyx+15VqfCeq

@1zet

We're bold, open and focused..focused on outsourcing everything to India

Outsourced? This feels more akin to being sold like livestock. It's disgraceful. So much for those GLINT surveys. Just a ruse to lead us into thinking they actually gave a toss, when in actuality, they were in secret talks to sell us out.

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Post ID: @2qeh+15VqfCeq

Huge meeting happened today with most of the Refinitiv support and operations groups with TCS HR on a Teams call.

As many of you already heard, Refinitiv is forcibly transitioning most of their support groups to TCS.

Most, but not all, people in these groups are getting TCS offers. Some are not getting TCS offers and are being sacked completely. Depends on project and geographic area. Strategic locations as someone mentioned, for example, are for the most part, transitioning to TCS. Other locations, such as those based in 3XSQ, can expect more layoffs in addition to TCS transitions. If you are in scope for TCS, you'll get a meeting invite from TCS HR. Or you may get a meeting from your manager letting you know if you're staying or getting sacked. Product teams, most development groups, service managers and some others will stay with Refintiiv.

TCS employment offers will be going out in the coming weeks, and the transition is expected to be effective on 1 September 2020. There is no severance offer if an employee does not want to transition. However, TCS will honour the current Refinitiv severance agreement for two years, and any employee moving to TCS will retain the same salary, bonus and most, if not all, current benefits. Vacation time may change and will depend on agreement and location.

I'm sure there will be a lot more chatter and details in the coming days and weeks. Having fun yet? Bold? Open?

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Post ID: @1fwm+15VqfCeq

We're bold, open and focused..focused on outsourcing everything to India LOL

At some point, US-based tech workers should unionize. This c-ap should stop.

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Post ID: @1zet+15VqfCeq

Can't help but wonder whether this discussion placeholder was placed by HR, or have I become too cynical!

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Post ID: @1kow+15VqfCeq

If people working in a designated 'strategic centre', not on the TCS move, then should they be at risk? I fear my role is simply going to be moved somewhere cheaper.

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Post ID: @fpp+15VqfCeq

I don't know. What do you want to talk about?

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Post ID: @ldz+15VqfCeq

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