History of Thomson Reuters (now Refinitiv)

In the 2000s, TR execs decided to start acquiring small successful companies and integrate these companies into their existing products. These execs had no actual plan on how to do so. They started buying more and more companies hoping that one of them could magically be integrated. Failure after failure.

These failures were catching up with them so they started having both small and massive layoffs to make their books look good. Then, they started selling these companies.

This wasn’t working so they took a massive investment from Blackstone. Blackstone put the same incompetent TR execs in charge of the transition. Once again, they needed massive layoffs to make the books look good. Entire departments were laid off. F&R (specifically FXall), the cash cow of TR, has been crippled. Individuals who were vital to F&R were laid off. Meanwhile, they’ve been outsourcing most of F&R to India and Russia.

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Sounds accurate... unfortunately

Have seen this so many times, bags of cash to do acquisitions, but then none to do actual integration. Most small company's tech stacks won't scale so they have to be replatformed at huge cost which often doesn't get approved. Meanwhile the customers of those companies leave in droves, because the product deteriorates through lack of investment. Original staff all leave and set up a startup and steal all their customers back from F&R. Same senior managers continue to run the show making acquisitions that never realise the value they predicted.

This also sounds like Legal.

If that’s F&R then it also sounds like the Tax & Accounting division. TR bought a lot of small companies and they don’t have any idea how integrate all the products into the ONESOURCE suite. Kind of ironic they’ve a hard time integrating considering the name of the suite.

i heard FXall capability is beening integrated to eikon already, may be it is done so they do not need all thoese FXall developers

A good summary

Thread regarding Thomson Reuters layoffs

History of Thomson Reuters (now Refinitiv)

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