Thread regarding Refinitiv layoffs

Relax! this kind of this information needs to be free haha...

Pasting paid content while working for a subscription-based business...no wonder you all deserve how you're treated.

Looks like old news to me, these are not new job losses.

If you work at Refinitive, you are not safe. Seriously. I was never "safe" at F&R, and after over a decade of cuts every 18 months or so, my number came up. I was fine with it at that point.

I do hope that BS treats those told "Be Somewhere Else" as well as TR did.

Refinitiv, the financial data and trading company, is in the process of cutting around 2,000 jobs after its takeover by Blackstone, the large private equity group.

The group is looking to strip out $650m of costs in a bid to reshape and compete better with rival Bloomberg amid a growing demand for data from banks and fund managers.

Refinitiv was the subject of the biggest leveraged buyout since the financial crisis when Blackstone paid Thomson Reuters $17bn for a 55% stake in its financial and risk business in January.

The rebranded Refinitiv, which employs around 22,000 people, operates the Eikon data terminals that sit on the desks of many City of London workers. It also facilitates hundreds of billions of dollars of trades every day through its currency venues and majority stake in Tradeweb, the fixed income platform.

Around 2,000 employees are being cut from the global business, including those in corporate functions such as accounting and human resources, according to people familiar with the matter.

But Refinitiv is also investing in technology upgrades and wants to recruit around 1,000 staff with expertise in cloud computing, artificial intelligence, automation and customer services, the people said.

READ Refinitiv CEO readies for data tussle with Bloomberg

An upgrade of Eikon is due next year and is intended to make the platform cloud-based and faster, David Craig, the chief executive of Refinitiv, told Financial News in October.

He said at the time that cost savings “allow us to streamline the organisation but they also allow us to reinvest, so putting the money back into the business is very important for us”.

A spokesman for Refinitiv added: “As we transform our business and invest in new capabilities and technologies, we need the right skills in the right places to drive results for our customers in a highly competitive environment.”

Blackstone's buyout of Refinitiv was partly funded with a $13.5bn debt package. In a September note, Moody’s, the rating agency, put Refinitiv’s debt at 7.6 times earnings before interest, tax, depreciation and amortisation, which it described as “high”.

In the same month, analysts at CreditSights, the research provider, described Refinitiv's cost-savings target — around half of which is expected to be achieved through job cuts — as “aggressive, though not impossible”.

Can someone copy and paste the full article here? Thanks.

Are these 2,000 new job losses or do they include the ones already in progress?

Can’t get to full article, behind a paywall.