Seems this round will be mostly experienced expensive employees who could be replaced with trained newer employees. Still need 40% headcount reduction to meet benchmark financials.
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Another few months to train up low cost centers and we can meet that financial target.
Is there any confirmation that there will be no packages offered this time around?
I would look for some communication from SLT about possible resource actions ahead of the earnings call on august 8th. I’m hearing rumblings of Q3/Q4 fab loading for Malta being worse than expected. Also, lay-off packages will be reduced from first round.
Those clinging on hoping to get a nice package have made a grave miscalculation.
Yeah, but 90% of you will just cling, worrying yourself sick over it, while TC continues to cash in his stock. Sure you might make it though another round but just think off all the opportunities your wasting everyday while you’re at GF. Sounds pretty miserable to me.
No packages this go around
If this is true, I wonder if we’ll get a month’s advance notice again from the CEO.
Triple 5 cut
Age 55+
Level 5+
The GF PDK group already outsourced 90%+ of the US/DRS/SGP resources and it has led to a non-competitive PDK offering. In 2015, IBM gave GF an industry leading edge PDK but now the PDK is lagging the industry. Keep outsourcing and watch the ship continue to sink!!!!!!
Hey guys if you have been asked to train or teach your job role and duties to some new hires particularly ones in Bulgaria and India please take it seriously and train or teach them well!
40% headcount cut would be what, 6k employees? Not even GF is that stupid.
@OP did you mean 40% cost reduction so basically replacing fab site workers with low cost geo workers and falling further behind on innovation, differentiation, etc