Thread regarding Refinitiv layoffs

Gdynia hit on a small level

These 2 months all recently joined analysts in KYC were told their contracts wont be prolonged. Moreover today a meeting scheduled with TF. Hoping for the best, but atmosphere here is like at cemetary :(

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Post ID: @YJsSqtE

32 replies (most recent on top)

It is ongoing, folks here in general are optimistic though - each and every of dismissed employees will probably end up with better offer within weeks as job market in Poland (Three City in particular) is really fine these days.

Packages are comparable with 5-6mths worth of salary plus fidelity.

What is disappointing it is how management copes with entire situation - it is like "All right so three of your colleagues are going to leave us, ummm everything is uncertain at this moment, so we are ummm going to proceed with layoffs on Monday, or perhaps tomorrow, I am not sure umm keep on with good work".

I never thought high of those folks as they are born a---kissers but honestly expected a bit more of competency or sensitivity.

I mean even firing people seem to be a challenge for them.

Changing the topic I am really concerned (sort of sense of duty?) about moving the positions to Asian/Indian centers. I understand the concept of cutting costs and I wouldn't like to sound as prejudiced person but so far (during 8 years of my adventure with Reuters & TR) tasks delegated there ended up more or less f*cked up.

Kudos to all brilliant folks I worked with!

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Post ID: @YJsSqtE-muqr

I wonder why Amazon is not handing out flyers before the entrance to main building. Entry-level worker in Amazon earns 20-30% more than Senior Analyst in Ref.

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Post ID: @YJsSqtE-ffma

Gdynia - Presume 155 redundancies, 88 will know their fate in May 16th. The accountable is KYCaas 44 of 155, perhaps the rest are Katowice to make up 155 ? Sad news, under risk umbrella will impacted greater from above captioned and that Katowice and Gdynia just the beginnings? Any insider news to share.....

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Post ID: @YJsSqtE-edii

There is no way for this business to survive because the management has sent those talented employees to competitors after turning them into anti-Refinitiv.

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Post ID: @YJsSqtE-dbzj

I have an idea for all of us vendors, customers to add in all emails at the end "LCR" (LOW COST RULES) or "MTR" (missing Thomson Reuters)as support for Refinitiv ideas.

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Post ID: @YJsSqtE-9hho

@YJsSqtE-6zia

Probably the recruitment has been closed because most of the analysts/QAs which fulfilled the requirements has left, or are about to leave the company.

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Post ID: @YJsSqtE-6adq

And the recruitment process for qa/qc in kycass has just been blocked, closure is on the way

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Post ID: @YJsSqtE-6zia

Incredibly excited to announce Jumpstop! - a new bold and focused program where cheaper labor jumps in to replace YOUR JOB! But wait, there's more! We will shamelesly dress up training your job takers as an "exciting" career op! They jump in, and your job stops! Jumpstop! And 98% of "excited" comments are from one location - unaware that this wheel will always keep turning, as Gdynia just found out. JumpStop! #ELT-Shame #BaliPostcard

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Post ID: @YJsSqtE-6csm

I am with Bloomberg now , we had a townhall meeting this morning and Bloomberg had the second best year in the company history in terms of revenue increase and we hit 10b in 2018 . Many Eikon displacement as well as enterprise data side especially in bpipe real time Feed and bval fixed income pricing .

Bloomberg sales strategy is basically point out to client how refinitiv is outsourcing everything to low cost center and client should expect to see content and service quality deterioration. This actually resonate With client lead to quite a few client win

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Post ID: @YJsSqtE-6vxu

Doesn't look promising for Gdynia's future to be honest... Just wondering when to expect next wave of layoffs and which other departments will be affected...

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Post ID: @YJsSqtE-5mtt

@YJsSqtE-3yze - I'm sure their buddies at Davos will tell them where the next cool place to outsource to is.

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Post ID: @YJsSqtE-3hlr

I wonder when they decide Manila and Bangalore are too expensive as well and where they move next?

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Post ID: @YJsSqtE-3yze

It's not a question of realizing quality will suffer if they don't care.

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Post ID: @YJsSqtE-3uau

Refinitiv management wants to lower the cost of conducting business but does not realize that the quality of work will dramatically decrease which will lead to all clients resigning from all the subscriptions. Congratulations on your management skills mr T.F and J.O. you've done an "amazing " job and now go back playing with your toys....

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Post ID: @YJsSqtE-2hph

My Goodness....Bangalore taking more jobs and responsibilities? I am sure if it is the start of an end!

It is the same as Global Helpdesk or the Accounting Support team? Alot of people I dealt with at the beginning are very smart and efficient. Years after, you will see the experience ones either left the company or already moved up. Then you see quality starts to deteriorate. Don't think our clients want to put up with that! Good Luck to all of us!

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Post ID: @YJsSqtE-1tqk

God help us with job moves to Bangalore, it's bad enough as it is with quality of staff there and the amount of misops. Bloomberg must be rubbing their hands with joy the way this company is going.

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Post ID: @YJsSqtE-1ber

Hey. For those who think they are safe, think again. This kind of "exercise" will be happening every 6 months once all will be moved to Manila or Bangalore. Gdynia will no longer exist as an operation center. Deep inside you know that it will eventually happen, so get on with it and start looking for a company which values their staff.

P.S. I hope that guys from Refinitiv Rap will burn in hell :) Cheer up, there is a world outside of Refinitiv!

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Post ID: @YJsSqtE-1dew

@YJsSqtE-1mkl

There are many lawful solutions for company to skip law, if any law is really protecting against lower salary. All they have to do is to give you paper with contact breakage with both sides consent and present new positions

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Post ID: @YJsSqtE-1nyz

Happy about more openings in Bangalore? It's happening because of cheap labor, not because of your reliability which is laughable. Don't get it wrong.

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Post ID: @YJsSqtE-1usx

Bangalore is going to make u joblesss....lol!

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Post ID: @YJsSqtE-1jus

Fresh news - 44 KYC analysts to be fired, not only with fixed agreements, qa and qc secured for now

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Post ID: @YJsSqtE-1ydn

It's good news for us staff in Bangalore! Keep those jobs coming our way!!! 😀

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Post ID: @YJsSqtE-1dbr

Now you know a little of how we felt in Wrexham. Surely this move was not unexpected?

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Post ID: @YJsSqtE-1aso

Welcome to the Party, Gdynia!

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Post ID: @YJsSqtE-1gne

Heard that they are getting approval for around 400people to be fired.

Katowice will be working till October and their positions will be moved to Gdynia. So those 105 "new" positions sounds like b---s---.

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Post ID: @YJsSqtE-1gyx

@YJsSqtE-nsd

It is against Polish law to offer lower salary in new position.

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Post ID: @YJsSqtE-1mkl

As for departments, again service: DMs, enterprise, desktop, also KYCaas, DSS usage...

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Post ID: @YJsSqtE-ztk

If this is true about Gdynia, why isn’t there any news on the Hub or via email. Why keep this quiet from an ELT perspective, they always have wanted to “manage” the layoffs...

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Post ID: @YJsSqtE-ijk

do you know the departments which are gonna be impacted?

Great.. if Gdynia started being considered expensive, what about the other locations..

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Post ID: @YJsSqtE-fgz

Hahaha this was posted before the meeting today in Gdynia office. as mentioned above, 155 people are getting fired , out of which 88 will know their fate by 16th May

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Post ID: @YJsSqtE-duf

Around 150 people are being fired, of course they say they will have 105 open positions, but probably for some teams it will be offer to get 50% less salary

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Post ID: @YJsSqtE-nsd

...small level of 155 roles ;)

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Post ID: @YJsSqtE-zkm

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