The company is refusing to provide any details about the closing to anybody, media included, that it has me worried Rochester is only an intro into something much more substantial. I just can't figure out if it's even more layoffs or even more closings.
Have there been any indications that other locations might be closing as well?
Wow this thread has a lot of inaccurate information. They said on earnings call they will close 1/3 of sites. It’s not just Tech sites. They closed offices Rochester, Atlanta, San Antonio, Houston, and told content ops people in LA and Philly that they are relocating or consolidating.
They are not going down to just 5 sites. There are 4 “strategic sites” which is where they want the majority of people to be.
Transfer of work will happen in phases. So once someone transfers their work and they did not relocate or do work from home than they will be terminated and given severance.
This all s---s and is creating more chaos than need be.
Andover UK is closing. Managers never did any work anyway, watching TV and bullying staff. Good riddance. So many laws broken I am sure anyone with a lawyer will be able to get extra money.
I’ve heard/seen several misquotes that it is 1/3 of managers, when JS said “management layers”. I think many heard 1/3 of managers and that sounds like a bigger hit than “layers”. They are achieving the reduction in “layers” by demoting most (non-director level) managers, so everyone (former managers and direct reports) now report to directors or senior directors. The other “layer” seems to be making many former country specific VP roles global and not necessarily keeping country level leadership layer.
A little more from the transcript of that shareholders call. This is Stephane Bello in response to a question on core corporate costs:
These one-time costs, we put a range out there. I'll be honest with you, Paul. We will spend these costs if we think it's worth the investment. And I think we feel we got a good chance to really reposition the company. It's not – as Jim said in his management team, it's not very often that you get an opportunity like this one, where you can almost take a blank sheet of paper and say, if we would start this company, how would we try to organize it?
So we're being, I think, pretty aggressive in terms of trying to make sure we adjust the number of management levels that we have like take out even more real estate locations that are smaller than we have, try really to simplify the organization, make it much more effective and productive. And that's what we're investing these costs for.
On the November 6, 2018 Q3 earnings call last week, CEO Jim Smith said thewere closing a third of the TR locations and firing a third of the managers.
https://www.google.com/amp/s/seekingalpha.com/amp/article/4218815-thomson-reuters-tri-q3-2018-results-earnings-call-transcript
These five locations are for TECH positions. That is where there is misunderstanding. These five locations will be the core for tech-related work. If you are employed doing something else, this statement does not apply to you, but keep in mind a lot more layoffs are coming.
I heard Chicago was staying open however they were reducing it down to only one floor
There were posts claiming that the “only 5 locations will be left” was specifically about technology jobs. That seems more plausible to me given how many locations we have around the world.
No it’s just the beginning of the whole storm
Winter is coming
Survivor I completely agree! I would be elated to volunteer for severance and leave right now. I used to like this company but now I have zero loyalty nor do I care how it does. Totally demoralized.
Without Jim Smith or Rick King providing a clear communication on this, it seems like there are multiple interpretations about what sites will remain. My interpretation is that TR is not closing all locations other than the five listed. There is actually a posting on the Hub that lists the locations where Refinitiv will have employees, locations that will be shared, and ones that will be TR only. That list includes tens of locations falling into each category, because there are so many international locations. The five listed are the major sites. From other postings it sounds like some sites are completely closing, while some are just losing a particular function ("Tech Ops"?). It seems the powers that be have decided to centrally locate certain roles, which apparently includes all roles in Rochester. The key locations idea was announced at least a year ago, so some of this shouldn't be shocking (still not easy to deal with I understand).
Side note - I wish management would offer severance to anyone willing to leave. I think they would be shocked at how many would willingly walk away from this sinking ship of torture.
It has been stated elsewhere here that management have said that only 5 locations will remain open:
Toronto
Eagan
Ann Arbor
Bangalore
Dallas
Everything else will be closing. How accurate that is I can't say because there has been no official announcement.