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We are now twelve days into the birth of Refinitiv, and finally I see clarity into what is happening. Having been with TR (started with Reuters) for over 20+ years, and gone through about a dozen of layoff cycles during my time here I have to say this is the most frightening one of all. Not for me personally, but for the company as a whole. I know… I know Refinitiv is now owned by private equity, and I would agree the cost cutting measures are needed. But there is something lurking under the surface here, which we (employees and clients) are not seeing yet.
This “partnership” was portrayed as a way for F he only needed to confirm the reductions. He didn’t lie and downplay the real number for the employees benefit. This was said so it did not spook the clients yet. BS was quoted as saying there would $250M saving within the first three months mostly though “technology saving”. This was a complete lie. All the saves came from headcount reductions. I cannot say for sure, but I would guess the recent reduction have surpassed the quoted $250M. Another lie quoted from BS was “most of the initial cuts will come from Senior Management”, “not from Sales teams”. As we have all witnessed this week, not many Sr. management have left the company, but plenty of mid management and down have been shown the door. So within the first twelve days, everything that has come from BS or DC and his crew has been lies. If you are an employee or a client, do not believe ANYTHING you hear from DC or BS. Their short track record pertaining to Refinitiv speaks for itself.
I am not an employee that was let go this week, I am still employed (for now) at Refinitiv. So I am not an angry ex-employee, I am just trying to point out how I see this playing out. So if you are an employee that was let go this week, take comfort in the fact that you got out at the right time because it is only going to get worse… a lot worse. If you are still an employee and you have many years of service try your best to leave as soon as possible, I know I am. Raise your hand or have a private conversation with your manager and volunteer to be made redundant. If you are a client start the TR/Refinitiv removal process as soon as possible before the old F&R unwinding hits its fully stride.