Thread regarding Refinitiv layoffs

Revenues up cash rich... let’s sack the workforce in a pandemic

Wow.. so Q2 results show Refinitiv as 1.2 Billion cash rich, all growth areas are up, yet the evil that pervades decides now is a great time for mass redundancy. Refinitiv a shining beacon for all that is wrong in society. Rich 1% get richer and care nothing for the rest...

by
| 7746 views | | 26 replies (last )
Post ID: @OP+16jTrHxD

26 replies (most recent on top)

And yet another Refinitiv troll below, most likely our lovely HR with their buddies.

UK union rep taking holiday at such a critical time does not look too good indeed, but we don't know the whole story. Not sure about UK, but Union fee in Poland is symbolic 5 PLN (1 GBP) per month. To have a lawyer prepare a official statement for HR, I've heard it costs them anywhere from 500 to 1000 and more PLN. Unlike UK rep, Polish guys do it in their own private time, have regular full time jobs at Refinitiv, no one makes any money off it. It actually means losing money, if you get to know the whole story of our local union leader here. Ever since he became an union rep - no more new roles, no promotions, no yearly merit increases and now they try to get rid of him by discrimination, defamation and toxic work environment. This will all likely end up in a big scandal after the court case. He seems quite tough, still smiling, brutally honest, never cared about political correctness, but does truly care about regular employees and not s—ing up to management, that is why all the corporate crooks hate him so much. Seems its perhaps all too much for a single guy to handle, but they have good lawyers. This is not about the money at all, not here.
I'm afraid our local union days are numbered with so little new members joining them, even though its totally confidential and costs nothing. People also continue to get regularly fired by dozens here. Lots of things s— about unions, that's true, but what else have we got when times are bad? Corporations will find all the tricks to get rid of you at the lowest cost possible, all according to the law and in a way you will even say "thank you" in the end, then realize what has truly happened hours later when at home. With AI, ML, BPA etc. there will be less and less work for our kind of professions, so don't get to c—y about your long term future and value your present job. If not for the unions, we would still be pulling 12h workdays without paid holidays, so it is a good "cult" to follow to counterbalance all this greed.

In those days of brutal cost cutting everywhere, unions are more relevant than ever. Unions can and will protect you, but union stregth are its members, the more the better. Peoples indifference is also to blame. We tend to be naive too, I have never seen a person getting laid off without being somehow "surprised" same time, lots considered themselves as "critical resources" too. We all are a bunch of demanding millenials taking interest in the union when its already too late and are first to criticize too. If all the workers would unite, then it could be a whole different story and someone perhaps would think twice before destroying all those good lives and families for an extra dollar for the already rich.
As someone mentioned below - those increasing attacks and discrimination against the unions is a sign of more bad news coming soon.
Unions are not a cult, its standing up for justice and some basic human decency in those crazy times. There is, however, a real cult professed by top management not willing to share our company's success with those who directly contributed to it and it's called MONEY. That is the real CULT here and not a good one for regular society.

by
|
Post ID: @waum+16jTrHxD

Unions collect fees, they are a business masked as defending employee rights. What a load of whack indeed.

Fools are those who pay into them, and even more foolish is the allegiance to the union reps. It’s a CULT, wake up and smell the coffee people and save your hard earned pounds, dollars. Unions can’t protect you, pay and get a good lawyer instead when you got issues, don’t trust self serving union reps.

by
|
Post ID: @tuex+16jTrHxD

UK union rep has decided to go on holiday, right at the end of the consultation period! Looks like they are scared of standing up to the bullies. Disgrace.

by
|
Post ID: @stno+16jTrHxD

I heard the unjust treatment of union guy in Gdynia, it's upsetting to hear it.

by
|
Post ID: @korl+16jTrHxD

Leader of Unions in Gdynia held multiple positions and had only "exceeded" or "achieved" ratings during his 12 years here. His team was not under a threat of layoffs in the year he got elected. He did however get an "underperforming" rating in 2019, which was the year he was left all alone with work of a team who got fired in other locations and training a team in India at the same time. It gives a clear picture what kind of a company we deal with these days.
Reading some comments here, it is quite clear certain someones don't want workers in Gdynia or anywhere else to organize and it makes me even more worried about what might happen in the near future here. Divide and conquer. Regarding the silence - some information is for Union members only, still - local management constantly ignores them, therefore very little useful news. It is a sad reality and I'm afraid only so much can be done with such a small group with their leader constantly treated as totally "unwanted element". Average workers either act indifferent or think nothing bad will happen to them, then expect miracles when times get tough. Joining the Union is totally free and takes 2min, membership details are confidential, I don't understand why more people don't join them and put some pressure on the guy or help him. I admit they totally s— at advertising, some probably have no idea there is a union in Gdynia.

by
|
Post ID: @jvya+16jTrHxD

Leader of Unions is Gdynia is a guy who hosted one to avoid being fired for low efficiency. And as we all now it was extremely hard to be fired in Gdynia (excluding mass layoffs, which are pretty random) - it gives a clear picture what kind of union leader that fella is.

by
|
Post ID: @iteq+16jTrHxD

Agree - why don't the unions push for no pay increases and reduce or get rid of bonuses across refinitiv, and use that money to save jobs? i can see many companies doing this already. I think because unions leaders don't want to suffer themselves by this approach.

by
|
Post ID: @hquk+16jTrHxD

Unions do nothing. Waste of time. In Poland we are cursed with a maverick union rep. We didn’t t even get a consultation for recent round everyone got a mutual agreement. No voice.

by
|
Post ID: @hcsr+16jTrHxD

And still radio silence from the unions.....

by
|
Post ID: @hllz+16jTrHxD

Time for CURRENT and FORMER employees to stand up and say something. Tell people Refinitiv is not the place to work. Management does NOT care about the people. Let them know there are much better employers. RIF'd or not, we all have a voice. Tell the world!!!!!

by
|
Post ID: @exkh+16jTrHxD

I got the boot and now convinced the others were not exaggerating. Refinitiv doesn't care about you, just a number. They only care about the bottom line and how much bonuses the ELT can get. they don't even pretend to care about you, its as nasty as it can get. I hope no one has to work for a company like this, what a disgrace.

by
|
Post ID: @dcof+16jTrHxD

Anyone else from the UK counting down the days to the end of the consultancy period? So keen for this whole sorry episode to be over and part ways.

by
|
Post ID: @btto+16jTrHxD

@5jdd+16jTrHxD did you get let go then? It's madness huh? It's going to get a lot worse as LSEG need to keep shareholders happy and deliver quick results in the cost saving commitment.

by
|
Post ID: @5erl+16jTrHxD

This is scandalous. I have been blatantly lied to by my new manager in India, that I would not be let go upon training the rest of his team. I asked him this 3 times, 3 times he lied. Guess what happened upon my return from India?

by
|
Post ID: @5jdd+16jTrHxD

This is the 3rd time I'm being laid off in 20 years.

The first time, the company sent me to different locations to scope for a transfer which I took. The second time the company bent over backwards to help us out including changing some internal policies to give us a better severance.

Refinitiv? Kicked me to the curb and told me to F off.

by
|
Post ID: @4grs+16jTrHxD

There will be another layoff in refintiv soon ? Like they just happened with TCS ?

by
|
Post ID: @1vbp+16jTrHxD

Not sure where you've been but there are 500 redundancies happening right now.

by
|
Post ID: @1poc+16jTrHxD

I guess the two big questions are WHERE and WHEN are the layoffs supposed to happen? November seems to be the likely time (as per usual in the Brookfield campus) but the end of September would make sense, too, as it could show a boost in the last quarter of the year. I doubt that anyone would know or share the "who" so it really isn't a question.

Does anyone know any relatively certain details?

All the best to all of us :)

by
|
Post ID: @1wqi+16jTrHxD

BUT Refinitiv is transparent, right? They would tell us of upcoming layoffs and justifications of the layoffs even though business shows profit. They wouldn't do something dirty like lie to us, train others for our jobs, set up new architecture and switch to common tools (basically set up Refinitiv workflow to be templated) and then lay people off due to redundancy, right? (No, I am not living in a Utopia society, this is sarcasm, lol).

by
|
Post ID: @1taz+16jTrHxD

Cash rich - fire a couple of hundred - PAY 18,000 a bonus in 2020. the sackings are a lot lower than most industries.

by
|
Post ID: @1qzb+16jTrHxD

@znc

Refinitiv needs an enema. Hopefully LSE has a large syringe.

Well I mean we did have Project Fleet, where Refinitiv basically flushed its servers, data centres, and Tech Ops workforce into the loo known as TCS.

by
|
Post ID: @1qzu+16jTrHxD

On the bright side, the ELT was so proud, excited, and humbled to have worked with you.

by
|
Post ID: @fha+16jTrHxD

Refinitiv needs an enema. Hopefully LSE has a large syringe.

by
|
Post ID: @znc+16jTrHxD

Post a reply

: