Thread regarding Refinitiv layoffs

What is future of BETA systems in Brookfield WI

BETA Systems has been rebranded through the years and is now called Refinitiv but most people and clients still call it BETA. They do back office brokerage for several brokerage firms. Biggest client is WFA. What is their future?

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Post ID: @Ywkmv43

26 replies (most recent on top)

I heard that even grad students are turning down offers either because of pay or because of what happened last October and what will happen again once LSEG and Refinitiv merge.

I agree with the outsourcing coming up. I heard from reliable sources (or I wouldn't post it here) that the intention to immediately reduce debt and overlap is to offshore many jobs.

I noticed a mass exodus from BETA last October of those with talent and knowledge that isn't easy to find. They are already running on a skeleton crew. The path is set before us.

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Post ID: @Ywkmv43-3Qeod

@super Mario Brothers, so damn true. No one wants to come out of their comfort zone..

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Post ID: @Ywkmv43-36mqf

People who work at BETA long term are people who fear losing their vacation time...which is the only generous thing about the place...they will be content making 1/2 to 2/3 of what someone in the same position in a larger market would make for the same work/job title. Because they are comfortable in their jobs and would rather put up with a 2nd rate environment and pay than dare to go out in the real world and compete for a better job. They accept less than they are worth and put up with crummy leadership because they got too comfortable and are willing to sell themselves short to make sure they have ample vacation time.

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Post ID: @Ywkmv43-35gsj

I hope these comments about "BETA" being a happy and well paid place to work are sarcastic. I dont doubt BETA turns a profit because they pay their employees like c-ap..now they are turning to college kids who come cheap with little business knowledge....this Brookfield WI location has very little business knowledge left...they can barely support their products and clients. Anyone who isn't in upper management who has any respect for themselves or abilities have left or are looking to leave. This place expects more and pays less to their employees.

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Post ID: @Ywkmv43-35bpg

At least Beta was saved from any cuts.

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Post ID: @Ywkmv43-2Qazq

Nothing but good news and huge profits coming from beta. They are a crown jewel. Happy, well paid employees in every low wall cube.

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Post ID: @Ywkmv43-2Etwt

is there a future?

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Post ID: @Ywkmv43-2uhht

If you want to work for a place with the least inspiring management team ever assembled look no further than this place. You will rarely if ever get a kudos, good job, or recognition for anything regardless of what you do or if you are doing the work of three people. To be fair, there are a few managers that work hard and have business knowledge but most could be replaced and it would be a big improvement.
The phrases "career path" and " talent development" are not in the managerial vocabulary at BETA. I'm not sure how most managers got hired at this company back in the day but clearly having "people skills" was not a part of the job description.

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Post ID: @Ywkmv43-1Jywh

November 1st will arrive soon and more good people will be let go. That will certainly solve the problems at Beta this time around.

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Post ID: @Ywkmv43-1Iuno

I can't imagine a worse work environment than at BETA. The place is significantly understaffed(some departments worse than others), no morale, no leadership, high stress, lousy training, lacking business knowledge and the people who have it are stressed out and looking to leave. Refinitiv seems to think everyone is repleaceable and they can just have a new hire college kid trained and up and running in a few weeks. Maybe that works at Mcdonalds but its not playing out too well so far. Sound about right?

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Post ID: @Ywkmv43-1Ijrg

A Business Analyst Manager who only started a few months ago quit recently. It was a new position. I guess he realized quickly what a mess the place is...no future.

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Post ID: @Ywkmv43-1ptqo

Was there more changes to Beta management?

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Post ID: @Ywkmv43-1nvld

In my opinion the client service area at BETA is one of the biggest scams ever. They hire people for entry level wages...like around what a first or second year teacher would make. Then they give them 2nd rate training and expect them to basically wear multiple hats as a client service person, understanding finance and stock trading, a pseudo Business Analyst figuring out complex problems, a pseudo computer programmer looking at reports and code from outdated, obsolete computer systems. And justify paying them relatively low wages by giving them crummy job titles that makes them look like they are just average customer service people like you would find at Best Buy or something. Most of these people are either college educated or have been in the industry a long time. They are starting to catch on and are leaving or looking to leave. The knowledge that they have allowed to leave the company by not paying people what they are worth and not providing adequate support will never be replaced. There are only a couple managers who have real business knowledge. There is zero leadership from upper management they basically just hide in their offices and have little to no interaction with staff. There is no career path for new employees. Employees are often blocked from leaving their positions for promotions of any kind because they are too difficult to replace...it literally takes years to learn these jobs well and the BETAHost system is incredibly unintuitive to learn quickly. I can't imagine that place in a year or who will be left there. Unless there is a mass layoff or they shut down the site which is very possible the way things look.

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Post ID: @Ywkmv43-13tvd

Sarcastic for sure.

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Post ID: @Ywkmv43-11ukp

The person who said BETA is turning things around must have been being sarcastic. Or not work in the client service area. People are quitting on a weekly basis almost. And it takes forever to hire or train new employees. All the people with any business knowledge have quit. They can barely support the clients anymore.

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Post ID: @Ywkmv43-Tjgl

Beta is turning things around, lots of happy employees left.

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Post ID: @Ywkmv43-Rfqu

Where is my Parachute? Ohhh no, I gave it to someone in London....

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Post ID: @Ywkmv43-Ferf

@efzi, don't worry too much. Hang in there!

You are gonna be fine once the storm is over!

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Post ID: @Ywkmv43-Fhwo

Just put me a RIF list and let me go!

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Post ID: @Ywkmv43-Efzi

@9nxs

Who told you there will be no servance after July? Is it a fact or just a guess?

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Post ID: @Ywkmv43-faka

The technical people have little business knowledge and the business people don't have enough. Managers have neither. Tolerable situation until buyout. Changes now are for appearances only and for cost cuts.

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Post ID: @Ywkmv43-fton

Am one of the lucky ones laid off in October last year. Was with beta around 20 years. They have targeted older people with the most experience. Bad move by new 'management'. Word on street is many have trashd the rep of 'new open bold focused' refinitiv. Heard from others that many have been leaving and more will continue. My advice is get out while job market good. In fine print of rft there is no severance after july. Future looks like india contractors wo sys knowledge. Good luck to anyone sticking it out

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Post ID: @Ywkmv43-9nxs

No opinions on this place?

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Post ID: @Ywkmv43-6ylh

They will let go of the wrong people.

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Post ID: @Ywkmv43-1wzc

If jobs will eventually be exported why are people staying? For every person with over 10 years of BETA experience there are 30 people that stay behind based on the other post's head count.

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Post ID: @Ywkmv43-1dym

BETA Systems/Refinitiv has a 100 or so Cobol programmers, 150 or so c# programmers, about 50 or so c/c++ programmers and the rest (200+) are Customer Service, Help Desk or QA and BA's. BETA Systems also has a group in Bangalore (?Banglaroo) who have pretty much programmers and QA.

BETA Systems is also using third parties to accelerate the transference of many applications to Angular/HTML5 with the intention of eventually making all of the applications very similar in framework/construction so the programmer's learning curve is quick when helping out on a new or some other project.

My guess is that, after this transition (end of 2020?) many jobs will be moved to India and little left at BETA Systems. Between now and then, if I am correct, they would be smart to let people go a little at a time as to not make it so obvious.

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Post ID: @Ywkmv43-1ciy

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