they had underestimated
-avaient sous-estimé
Past perfect they conjugation of underestimate.

underestimate

But far from being a controlled process, we see that every six months or so Western bank leaders find that they had underestimated the extent of the problems and are therefore obliged to announce further mass layoffs.
Mais loin d'être un processus maîtrisé, on constate que tous les six mois ou presque, les dirigeants des banques occidentales découvrent qu'ils avaient sous-estimé l'ampleur des problèmes et qu'ils sont donc obligés d'annoncer de nouveaux licenciements massifs.
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