(Newswire.net — February 7, 2018) — S&P Global (SPGI), a publicly traded corporation, with headquarters in New York City, has initiated layoffs worldwide, as a cost-cutting measure. It has been speculated that it’s due to the acquisition of SNL Finance made last year, and the synergies between the two businesses. The numbers are expected to be in a range of 400 – 500 worldwide, and reportedly around 150 will be let go from the United States.
According to our reporting, the move was made after the company decided to reduce its own team and outsource some of the tasks to a third party company. The acquisition was meant to enhance and unlock the full potential of SNL Finance by leveraging the S&P core values and business principles. While on one hand this acquisition is expected to improve the analytics business and global market strategies, the company couldn’t ignore the cost implications and reevaluation of its finances.
According to Layoffs Report, the workforce impacted belongs to the NOC/Linux and Windows server team. It has increasingly become a trend these days to outsource the IT work to another company who promises to deliver the work at cheaper costs and promises a higher level SLA agreement and satisfaction. Per several sources, this downsizing was unexpected, as corporate restructuring often is.
S&P Global primary businesses focus is on financial information, data, and analytics. Its subsidiaries include S&P Global Ratings, S&P Global Market Intelligence, and S&P Global Platts, and is the majority owner of the S&P Dow Jones Indices joint venture.
Layoffs Report is an online discussion board where employees can share news, opinions, and rumors about layoffs. Employees are welcome to post on this online forum anonymously to protect their privacy, and freely express feedback on their company and experiences of being laid off.