One phrase I heard of the reform to move away from LIBOR is that it would create winners and losers. Can someone explain how this might happen?
The reason that LIBOR is going away is because it was susceptible to manipulation by its member banks. So whether you're a "winner" or a "loser" depends on what the banks actually did and how it affected you.
If the banks artificially kept LIBOR rates low, then borrowers won (because they paid less interest) and lenders/investors lost (because they received less return on their investments). So the shift would be a "win" for investors/lenders (higher returns) and a "loss" for borrowers (higher interest rates).
The opposite would be true if banks artificially inflated rates.
It's hard to say if either actually happened, since there's not a good way to know what rates should have been to know if they were being manipulated.