F&R look to be downsizing the Wrexham operations site with jobs being outsourced.
No immediate changes however VEDaaS product is to be axed in favour of other F&R services offered.
38 replies (most recent on top)
Truth is coming out now just hope the clients hear it http://www.leaderlive.co.uk/news/16977834.anger-as-firms-plans-to-close-its-wrexham-industrial-estate-base/
Coward Baxter
Howard the Coward
Company’s a joke, couldn’t even answer our questions
"you people" ?
"All it ecited like on Christmas Eve!" - they let you people work with data?!
Spellcheck?
All it ecited like on Christmas Eve! Tomorrow Howard is coming with his sack of goodies! What will he be bringing?
Strange, it's Columbus day in US today...didn't think they would be in the office?!
Announcement due this afternoon some time after 2pm. The timing is due to wanting to wait until staff are in work in New York on Monday morning.
People seem to have these 'sources' and none of them have come to fruition, any one care to share where this information is coming from??
Honestly, this is no joke, mid next week a group of people from London and announce the closure of the site
Good to see all the pictures on thehub. Plenty of office celebrations, drinks, cakes and branding. How was the bold launch for every else? Did you make a pledge to the company that plans to get rid of 5% in the near future?
hahaha this is jokes
When do we find out then?
Not such a reliable source then...
Been told from a reliable source in London that there is a big announcement over the location of job closures this afternoon at 2pm. Wrexham location will see approx 100 jobs going with a emphasis on reducing management.
Well, whatever the fudge a wrexham is, and wherever it is, its about to get closed.
Haven’t got that mail yet. Can anyone confirm it’s real?
Just got this email from Howard Baxter.
Subject: Closure
Hello Wrexham
I understand that there is anxiety around what the future holds and that anxiety is not limited to those in Wrexham but all sites. I cannot provide assurances on what the future holds but I do want to provide an assurance that we will have clarity on that direction in the next two weeks. This is not an easy time for any of us but I do request that we ignore the rumours and speculation and keep doing what we do best – delivery of a quality product to our clients. As a team you have been incredibly patient and mature and I ask that you continue to do so.
We have managed to remove a third of the backlog and that is a wonderful team effort.
Thank you for all of your hard work
Howard
Least. Reassuring. Email. Ever.
Now people not paying attention to the rumours are bracing themselves. Maybe that was the point of the email?
Google the quote in the post below to see the article
Another news article, but still an interesting read
"Blackstone looks likely to accelerate cost-cutting, which would generate more cash from the business. Those plans include removing staff in expensive locations such as Europe and US in favour of offshoring jobs."
https://www.ft.com/content/7f7d3d2c-060e-11e8-9650-9c0ad2d7c5b5
Seems like Blackstone have a habit of cost cutting
Are you forgetting that Reuters is just another news agency. This article doesn't say much just estimated figures predicted by analysts.
https://www.reuters.com/article/us-refinitiv-bond/massive-cost-cuts-in-focus-as-buyside-mulls-refinitiv-bond-idUSKCN1LQ25B
The above says "Almost half, or around US$300m will be from headcount reduction alone," This will be over 3 years a total of US$650m will be saved. As you can see the article is from reuters themselves.
The problem here is people are chatting too much c-ap when they dont know anything at all. Most people seem to be worrying about this mystical $250 Million cost cutting that is being mentioned. These costs are not going to be based on cutting jobs alone that would be close half of the 22 thousand employees being made redundant. Yes people are going to get made redundant it happens.
Most of these redundancies are going to be people in fairly high positions that earn 6 figures for not doing much. Other savings will be made by cancelling big projects that haven't been started yet. There are still a few very little products floating around TR that are still being managed but are not being used these will probably be the first to go. Overall I strongly believe that VEDaaS is in a strong position moving forward.
Some of these comments are disgusting. If Wrexham is a target for closure, is it any wonder with people such as below? Let's at least try and stick to the facts and keep it professional.
Wtf is a wrexham?
-the entire wold except for TR (and only some there)
Putting the thread back on topic, I think the Wrexham site is fairly safe and there is a lot of worry over nothing. There are much higher cost centers that will go, if any actually go, before Wrexham.
Good grammar.....
Look at the signs people! It's time to leave before the local market is flooded with ex F&R staff.
DTCC are looking at alternative office space, massive on-boarding in lower cost centres, managers looking for work elsewhere they're even cutting down on facilities. How hard is to employ a couple of people to have an on site canteen instead of trying to outsource?
Do what a lot of people are doing and get out whilst the local job market doesn't have an extra 200 F&R staff flooding it.
good bye
hello
"The only thing that is known is that VEDaaS will remain as a product, so this just looks like conjecture."
Is anyone able to confirm this for us? Currently there is a lot of uncertainty on the site regarding products, there are several business areas that utilise the same data yet it isn't shared across platforms for example, VEDaaS and KYC.
The only thing that is known is that VEDaaS will remain as a product, so this just looks like conjecture.
I agree with Kyo. We also know that VEDaaS is a profitable product, would seem a little short sighted to "axe" such a business line in its entirety.
Is this you Gary?
Which department are you in?
Wrexham was sold as a low cost center, this seems a tad far fetched.