Refinitiv conducts 2,000 post-buyout layoffs, plans hires

Financial data company Refinitiv has laid off some 2,000 employees as part of a bid to cut $650 million in costs in the wake of its buyout by Blackstone earlier this quarter, according to Private Equity News. That figure is said to amount to nearly 10% of the company's workforce. Refinitiv is also in the process of hiring 1,000 new workers, reportedly with a focus on technologies such as cloud computing and AI. Blackstone acquired a 55% stake in Refinitiv from Thomson Reuters on the first day of 4Q, valuing the business at $20 billion in the process.

It's believed the move has been in the works for months, with Blackstone managing director Martin Brand telling a meeting of bankers in September that most of the job cuts would come at the senior management level, per The Baron. Refinitiv reportedly expects the layoffs on their own to result in about $300 million in savings.

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*This story has been updated to more accurately describe Refinitiv's plans

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