The cuts will not be extremely minimal, they will be deep cuts and felt across the company. 21,000 more in the 2nd quarter in addition to the 15,000 that have already cut in the 1st quarter.
Can anybody confirm if these numbers are true or not? Seems too high to me, even with the pandemic as a background for these layoffs.
There should have at least another run of layoff this year. Keep in mind: dividend costs it $700 million per year. If there are 80k people left, the next year's bonus would cost 1.6 billions or more. Slb only has 1.46 billions in cash, if the net income keeps negative.
The 21,000 is already completed per the earnings report. It’s not 21,000 additional. There will probably be more cuts but not another 21,000
Stonehouse Technology Centre, Stonehouse UK.... I was there 10 years ago.
What is SHTC, somewhere in Texas or outside
Well, SHTC being hit hard, cutting manufacturing in half
There is like 1 rig in Wyoming lol. What do you expect.
Please realize what u posted. We are in the third quarter. All cuts for the second quarter are done. Do u mean q 3?
20b is Inflation adjusted revenue; also, employee count was ~50k
OLP needs to get to higher revenue per employee than that level, because he wants to go digital, meaning higher margins and higher revenue per employee.
While the employee count is ~50k, the margins are clearly lower. Higher margins need more digital, more services, more international, less manufacturing, less long-cycle exposure
Means, less Cameron & Smith; more wireline, more Petrel-on-the-cloud, more digital-rig-ops to enable demanning
And doing this change fast, maintaining cash flow
In 2003, at $20B revenue, there were 40,000 employees
Revenues are dropping fast and will continue downwards for some time so there is no chance for recovery for at least 3 years. Oil is never going to recover to past levels and Schlumberger still has way too many managers, supervisors and purveyors of 6sigma/5S nonsense. Not a single one of them provide any discernible contribution to the profit bottom line. Paaaaaal put way too much faith in quasi-consultant roles and it shows.
Schlumberger's manufacturing capability is insanely spread out world-wide, as are many other functions. Consolidation should be Le Peuchs' single aim. There has been too much reliance on moving people to office based jobs around the world, with attendant living compensation fees and school fees which can massively increase or nearly double the original salary cost.
There will have to be more massive staff cuts as a book loss of $30 billion over 18 months, with further losses to come for at least 3 more quarters, in a declining market, is simply no longer sustainable You that are left need to be much more realistic and it would be a good idea to burn the happy-clappy cheer-leaders., they really are an embarrassing leftover from the reign of Paaaaaal. Your oil-guzzling world has changed and little of the change is as a result of Covid-19, so management can stop using the virus as a whipping boy and they need to examine their contributions..... not to their PIPs...... but to the benefit of the company's bottom line. They might not like what they find.
The actual number per quarter is a moving target. Somewhere around 21,000 to date have been removed from payrolls worldwide. Will there be more.....yes. The total amount between now and the end of 2020 is unknown. With the restructuring, there will be additional right sizing as the realignment works it way down the business lines and basins.