Thread regarding Thomson Reuters layoffs

More WARN Act Notifications Filed (Mich.) (Minn.) (NY) (NJ)

Thomson Reuters today officially filed WARN Act notifications of significant reductions in workforce that are being announced this week affecting a total of several thousand workers in Michigan, Minnesota, New York, New Jersey, and smaller numbers in other states. The company warned additional filings are forthcoming this month as it significantly downsizes its head count.

The company announced Tuesday its office in Rochester, N.Y. was being closed and company officials confirmed that significant additional cuts were planned this week to reduce the company's domestic and international head count and real estate portfolio.

Rochester Chamber of Commerce President Bob Duffy says he expects the closure of Thomson Reuters' offices in Rochester will impact about 400 to 425 workers. Duffy was critical of Thomson Reuters' management for announcing the layoffs in group settings, where emotions occasionally ran high, according to workers who attended the announcement. He also criticized the company for its silence in the community. Thomson Reuters did not contact the Chamber of Commerce or give a heads-up before the announcement. Rochester city officials confirmed Thomson Reuters did not provide any pre-notification, despite the company's intention to sell its local real estate.

"We heard rumblings over the years, but nothing concrete," Duffy, the former mayor of Rochester, said. "We still have not had any direct contact."

Thomson Reuters plan to focus its business and legal services divisions in just five office locations in Minnesota, Toronto, Texas, Michigan, and Bangalore, India. But workforce reductions are also planned in other locations as part of what the company is calling a strategic "reset and transformation."

Separately, Thomson Reuters announced additional share buybacks and a dividend to shareholders as an incentive after it successfully completed selling 55 percent of its Financial & Risk (F&R) unit to private equity firm Blackstone Group LP.

With a reduced workforce, the news and information provider is seeking Wall Street approval of its intentions to invest in additional merger and acquisition activity, using cost savings to back a $2+ billion deal fund to acquire additional companies.

-- Bloomberg terminal, Intelligence

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Post ID: @OP+W8ttyMS

17 replies (most recent on top)

WARN notices are frequently embargoed at first and may not always appear in public the day they are submitted. Ask Sears and Kmart employees about that. :-) The story could be completely credible. Just because you don't see WARN Act filings on the website yet doesn't disprove the story.

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Post ID: @qzf+W8ttyMS

Sorry, I forgot to provide a link. Uncle Sam always cites his sources. He doesn’t doctor stuff.

https://www.doleta.gov/programs/factsht/warn.htm

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Post ID: @ser+W8ttyMS

What Triggers Notice (WARN)

Plant Closing: A covered employer must give notice if an employment site (or one or more facilities or operating units within an employment site) will be shut down, and the shutdown will result in an employment loss (as defined later) for 50 or more employees during any 30-day period. This does not count employees who have worked less than 6 months in the last 12 months or employees who work an average of less than 20 hours a week for that employer. These latter groups, however, are entitled to notice (discussed later).

Mass Layoff: A covered employer must give notice if there is to be a mass layoff which does not result from a plant closing, but which will result in an employment loss at the employment site during any 30-day period for 500 or more employees, or for 50-499 employees if they make up at least 33% of the employer's active workforce. Again, this does not count employees who have worked less than 6 months in the last 12 months or employees who work an average of less than 20 hours a week for that employer. These latter groups, however, are entitled to notice (discussed later).

An employer also must give notice if the number of employment losses which occur during a 30-day period fails to meet the threshold requirements of a plant closing or mass layoff, but the number of employment losses for 2 or more groups of workers, each of which is less than the minimum number needed to trigger notice, reaches the threshold level, during any 90-day period, of either a plant closing or mass layoff. Job losses within any 90-day period will count together toward WARN threshold levels, unless the employer demonstrates that the employment losses during the 90-day period are the result of separate and distinct actions and causes.

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Post ID: @yda+W8ttyMS

I guess no more annual luxurious President club trip.....:-(

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Post ID: @gyx+W8ttyMS

Nothing filed in New York, though I have no idea how that works if they closed a whole office down.

https://labor.ny.gov/app/warn/

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Post ID: @uaw+W8ttyMS

A lot of Legal Tech layoffs today in Eagan. I haven’t gotten my meeting notice yet, but getting it soon I’m sure.

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Post ID: @ylr+W8ttyMS

@W8ttyMS-wql That link for Michigan only shows notices before September 30.

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Post ID: @jur+W8ttyMS

How many in MSP today? We only suffered a few in Ann Arbor yesterday but there are worries that more are in the pipeline.

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Post ID: @ymd+W8ttyMS

This is a doctored article, a hodgepodge of alsoke real articles and the author’s edits. Fascinating l, but not helpful.

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Post ID: @iim+W8ttyMS

The departments in Eagan include Publishing Editorial and Legal Technology.

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Post ID: @rka+W8ttyMS

what departments/groups in msp?

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Post ID: @ipj+W8ttyMS

Lay offs happening today in MSP location in Legal. I know, I’m one of them.

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Post ID: @vap+W8ttyMS

There is nothing listed for WARN notifications for Michigan: http://milmi.org/warn

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Post ID: @wql+W8ttyMS

Well we know they laid off a bunch of people in NY but are there any news stories about the other locations?

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Post ID: @djd+W8ttyMS

Merry Christmas! More layoffs. Again. Right before the holidays. Again. Shouldn’t be surprised at this company’s shameful lack of caring and respect for employees. No doubt driven by the majority owners schizophrenic desires for ever increasing profits. Anyone still employed here should be looking in earnest for a new gig. Life after TR should be a support group. Lord knows there are tens of thousands in need.

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Post ID: @snh+W8ttyMS

https://www.democratandchronicle.com/story/money/2018/11/13/thomson-reuters-close-rochester-offices/1989400002/

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Post ID: @cen+W8ttyMS

Was this from a news story? If so can you provide the link?

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Post ID: @swa+W8ttyMS

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