According to my sources
Hock was looking to buy “work day” in his typical summer time company buy.
He needs to free up some credit and looks to unload about 8–12b in CA groups . HCL was looking to buy
However , the original work day offer (200+/share) is now way over valued based on current valuations of 127. Octane looking to renegotiate. Work day walked away
Octane must be fuming. Only octane walks away. Work day team walked out on the general? They must have a serious pair to do so. I’m hearing general cut of 10% across all groups is minimum. There will be some emphasis on a middle management cuts this time though. I heard the board feels many within the company are not “self motivated” Broadcom only wants to keep the “A list”. Scoring a 1 last year doesn’t necessarily make you safe though. Because a 1 for IC 5 is extremely hard to achieve, but a 2 you likely still did more than that IC3 that scored 1. Consequently much of management will then not be necessary. Another person told me he was directed to provide a report under various scenarios. Such as:
Pick your top 2 and only 2 feature adding engineers(excluding overhead roles like QA). What customer promises will Broadcom fail to achieve this fiscal year? This manager confirms the middle management concept. He believes if there is only two left there is no reason for them to keep him. He feels it could just be a report into justifying his own job. But Broadcom isn’t going to lose any accounts if they cut 80% of his team. Clearly Broadcom is sniffing out savings and especially with CA groups. Many are still bloated. Broadcom wanted to cut close to a thousand positions more than actually got cut. Not ready prevented that plan, but now he is gone. QA also seems to have a big target on their back. Based on everything I’m having hearing and other posts on this board. Broadcom board actually doesn’t understand why some members provide zero features to the product. They skew the avg revenue per engineer metric Broadcom likes to use. They feel some of the “best” companies don’t have such roles thus neither shall Broadcom. But with all this virus stuff perhaps nothing will happen. Until people return into office