#cost

Jeff hates costs and his employees, and he's all out of cost cuts.

Sam Burd is 100% sidelined, only kept on salary so he won't bolt for Lenovo or HPE.

Rumors are Jeff and cronies are laying out a massive downscale and will hit in Q1.

My manager once again has let the cat out of the bag. You will likely hear in the coming weeks about significant additional cuts that they are going to do state side so they can reposition jobs overseas. They might as well rename the company Manilla Payments. Expect to see increase cost for our cr-p benefits (perhaps as high as 5%) and maybe 2% raises next year.

Does leadership have an AI backup plan? So many companies are realizing AI isn’t going to save them any money. It’s producing too low quality of code and is costing too much in compute. The biggest misconception for people is that AI is already an AGI. These models are LLMs and only know what patterns they’re trained to understand. They just don’t get a deep understanding of enterprise code.

AI is still awesome to have in the workplace. Its understanding of documents and Eliza features like proof of concept apps are cool. But let’s be realistic, it’s not replacing anyone. If it has, BNY might regret it later.

Does leadership see this at all? Or will they die on the AI hill since our senior leadership team and CEO talk about AI so publicly? I think they need to loosen their expectations.

Was covering cobra premiums part of severance?

I heard they were ditching it and instead going to give us $2500/$5000 on Jan 1 to put towards purchasing health insurance from the state exchange. I went in the web to see how much that would cost and it's over $1800/ mo so that's not even 3 mos they'd be paying for.

Can anyone confirm if this is true?

I suppose it varies by region. I've looked at the Obamacare policies and even the platinum plans are lousy.

https://www.shutterstock.com/image-photo/old-abandoned-rusty-car-without-wheels-2170392333

By 2025, #Intel plans to #eliminate up to $10 billion in costs annually by restructuring its operations and #sales departments and focused on the development of domestic foundries.

Intel is in a bad situation right now. Since the $280 billion #CHIPSAct deal has been signed, Intel could not wiggle around by delaying the building of new fab in Ohio, which it broke ground on earlier this year, and has committed at least $20 billion to the project. In his #Reuters interview, #PatGelsinger did say that Intel’s people costs were a relatively small part of its overall spending, so the company is more focused on its factories and fabs as places to save money.

I still believe that Pat Gelsinger, as a renown #CEO, will save Intel from trouble this time. He knows that the biggest #cost #reduction should not come from its people cost. This is a little bit different with earlier announced that Intel layoffs are coming in Q4 as it cuts billions in spending. The factories and fabs overall operational cost should be the number one biggest cost. Since there is an oversupply of chip semiconductor after a huge shortage during the #covid19 pandemic, it is not wise to still ramp up and run the fab production as normal. There should be a swift adjustment to cut the production following the decrease on #chip #demand.

As far as I remember while still working at Intel, the company policy on people #wellness and #wellbeing is something that I really proud of. Intel put its people first. Intel has invested so very much on its employees. Intel has been awarded as the TOP 10 employers in Malaysia with its slogan "#aGreatPlaceToWork." That's why Intel will put #layoff plan as their last option to keep the business running.

I still believe that Intel could weather the storm this time around. With Pat Gelsinger, as a CEO, Intel's best year is yet to come. It certainly will come soon as long as Intel policy on its people do not change. Wishing Intel the very best of luck.