The Reuters culture: what was it?

The questions are raised in an online debate generated by Alfonso Scarano (Reuters 1997-1999), Milan-based financial analyst and founder of the Linkedin group Club ex-Reuters.

Kristian Pedersen (Reuters 1996-2007), a financial analyst now based in Spain, tips his hat at this website as “a very good sensor of the Reuters culture past and present” and also recommends the book Breaking News: How the Wheels Came Off at Reuters by Brian Mooney and Barry Simpson.

“It gives a broad picture of the culture that existed at the time new executive management took helm of the organisation to lead it through ongoing series of critical and deep business turnaround and restructurings - including vital large scale simplification, savings and organisational change programs - which in many organisations would be the sources of cultural meltdowns. But I did not see it happen in Reuters. I think it was because people knew why change was critical.

“I cannot speak of the present culture, but in my years in Reuters there was never a shadow of doubt of the enviable stamina, loyalty and ‘esprit de corps’ of the people. The culture created a lasting sense of belonging and a psychological bond with the company and old colleagues after people have left. I have never met a colleague who was not proud to have been associated with Reuters; whatever circumstances they left under.

“The culture was tied to an identification with the integrity and values expressed in the core Reuters Trust Principles…

“For the same reasons, the concern of the Trust Principles was central to the acceptance of the merger with Thomson. Time will tell how fast the cultures adapt and merge in the new Thomson Reuters. An indicator of how the market evaluates this challenge you can see reflected in the share price change during the crisis relative to peers.”

Don York (Reuters 1983-2000), former network operations director now based in Canada, believes it is not so much that Reuters created a culture but that it was allowed to grow and mature.

“They maintained an environment that allowed a unique set of people and skills to gather and develop. After 24 years, I could not find a single person who worked outside of Reuters who would describe their career or company like those in Reuters.”

Rosemary Martin (Reuters 1997-2008), former general counsel and company secretary, believes Reuters had an unusually strong culture that enabled it to go through a great deal of change successfully.

“I believe the culture came from a mixture of the role Reuters plays in the world and the type of people who are attracted to the company. I hope that culture lives on in Thomson Reuters but I do not know as I left the organisation at the time of the takeover.”

Recalling remarks she made at her farewell event, Martin said: “When I joined Reuters over a decade ago it was for a number of reasons. First, I sensed it might be reminiscent of that marvelous book, Evelyn Waugh’s Scoop: a farcical story, full of humour, full of life and very human. That sounded delightful. I was not disappointed.

“Second, someone in the City had remarked to me: ‘Ah yes, Reuters. Extraordinary company. Seems so smooth on the outside; complete anarchy inside.’ That sounded fun. I was not disappointed.

“Third, here was a company that seemed to have a purpose that went beyond just making money; that was guided and governed by the Trust Principles. That sounded honourable. I was not disappointed.

“And here was a company that had offices everywhere, a truly international company. There’d be opportunities to travel and to meet people from far flung corners of the globe. That sounded interesting. I was not disappointed…

“And Reuters was a company that sat at the heart of three of the most exciting sectors of the last decade: media, finance and technology and I had the pleasure - sometimes the frustration - and often the bemusement of watching this funny, loveable company and the funny, loveable people in it chart their way through the roller-coaster of the last decade.”

Zaid Rashdan (Reuters 1986-2007), former general manager in the Middle East now based in Jordan, says that the name Reuters, associated with truth and accuracy across the globe, in the Middle East takes a similar meaning but with a little twist.

“The name Reuter without the ‘s’ is a nickname given to anyone who knows what is happening. In the East Mediterranean area however it’s a nickname for someone who would spread whatever is said in front of him.”

Rashdan believes Reuters had a major role in developing economies in the world and changed the way in which the financial world trades.

“From the first page BAXX to appear on the green Monitor screen to the first Reuters Instrument Code (RIC) created, the financial world has moved in a different direction with no return.

“I would go as far as saying that Reuters’ private communication network established late last century was the first of what we know today as the Internet.

“Reuters surely changed the people that worked for it, and I confirm what Kristian Pedersen noted that this company gave me a lasting sense of belonging and I am extremely proud to have been part of it all…

“As Rosemary Martin said, it is this funny, loveable company. But times are changing and the company has proven that it is really self generating; the natives of the digital age will replace the immigrants.” ■