Is there a reason to worry?
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So my state didn’t overlap with Centene. I guess we are safe? Are there any states safe from layoffs?
They let go off legacy wellcare last week
Post ID: @1smg+1asqTs4F what city / state did the cuts occur in? I was legacy Centene and part of the layoff in February / March this year, but hadn't heard there were already more cuts. I'm so sorry to hear this.
sure did, some were legacy wellcare , in Utilization Managagement, and HH
People got laid off last Thursday
@ptd+1asqTs4F Not that simple. Please note that this comment means that being in the red can be below the expected earnings/earnings per share for Q1 2021 but still in positive territory (meaning the company made money), simply not making projections. Year 2020 was overall profitable, but as you know that made little difference.
I would keep in mind that all communications by Centene and MFN to 'the Street' have been about continued restructuring to boost share value. Some consider shares to be undervalued. Even though the merger with WellCare may be a mess and lead to trouble down the road, that's not what MFN cares about. Same with Magellan.
I would bet on further layoffs after April 27 and through the summer. Centene's fate is either to be acquired, either in part or wholly, or spin off discrete businesses to add value. Getting rid of people makes it easier.
Don't know if there will be more layoffs this week, but there are more layoffs coming.
This isn't about saving a company that's in trouble or rectifying a bad financial situation, this is just about greed; cutting experienced people who make higher wages for inexperienced people making lower wages...all so the C level execs can get bigger bonus checks.
There is zero reason to believe any job is safe at Centene any longer. If you can be cut so the execs get bigger bonuses, you will be gone at some point.
So here, pay attention to the earnings call April 27, if we are on the green(meaning CNC made money) we are ok. No layoffs. If we are on the red(meaning we did not hit the expected earnings) then yes we will have more layoffs within a few weeks after the earnings call. It's all about money, they have to get it from somewhere and if it has to be thru cutting employees and be a "slimmer" workforce to be more cost efficient it is what they will do.
People keep mentioning more waves, that's why I'm asking.