Anybody got any information on what was announced in Brussels?
Apparently the sh*t has hit the fan but the room door is still locked and one can't see yet the damage...
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1,600 employees to be affected, including 210 at GBCs.
Any info on the severance packages yet?
XOM is extremely bloated. I don’t think 20% is enough, unless that will be on top of the 8-10% NSI.
20% workforce reduction across F&L.
Consultation begins today.
Are there name lists already?
@2aeb+17fqWGTC Anyone live streaming it? Take a reaction video!
Any news on what happened?
Invitations for dial-in later today are already on their way...this won’t be as pretty as GVS...not even close.
@1pec *BSC
Trimming across European sites and large offices (Brussels / Leatherhead), particularly on non-revenue generating jobs is a must (where “operations” aren’t lean already but still necessary).
Operations will completely cease to exist in some European countries as we divest assets. Not in a GBC in Europe? You're at risk.
@1qxd : Warning it is sometimes difficult to know the true facts. I have no doubt we are losing a lot of MUSD the last few months. But see this old article demonstrating how to optimize benefits between countries and regions.
https://english.elpais.com/elpais/2011/02/27/inenglish/1298787648_850210.html
Cuts need to be broader than just EMRE - needs to be across the board, across all layers and globally. It’s painful but necessary. Europe hasn’t made money in F&L for a while. EM started the year with $300B market cap. Now it’s barely $140B. Aren’t we tired of losing?
Thoughts on whether it will be a voluntary program like Australia's?
My guess : ExxonMobil Top Level management does not want to give very bad news before the week end. That’s why there is an embargo. let’s call it the management empathy (at least the current XOM version) :-) I am expecting the worst for next week. que sera sera.
Is it true US announcements are next week? I figured they would announce prior to Nov 1 for the 60 day layoff notice period prior to year end.. wouldn't want employees to get free vacation roll over starting next year if you can let them go earlier. But I didn't think it would be announced this early. Didn't they say publically the HW3 results would be shared with the board in November?
“Last post completely wrong!” I guess you're referring to the post stating that cuts would be limited in sites to EMRE/EMEEL positions, and in that case I fully agree. It'll go far beyond. In most sites those specialists are just a handful.
Prediction? I guess one could some sites or some units in some sites being shutdown and mothballed. But as someone said we'll have the picture tomorrow. Then, discussions will start to try and mitigate the social impact. Could be tough, if auntie EM doesn't want to put money on the table...
Monday noon we should know for some (if not all) European Countries.
Any predictions?
Last post completely wrong!
At site level probably limited to EMRE/EMEEL cuts. Loads of above site level roles that can disappear today, so won’t be surprise if cuts are coming with it too.
Supposedly HW3 related workforce reductions for Europe will be announced this week. US to follow a week or so after. Sh!ts about to get real, and make sure that resume is updated.
A meeting of the European Forum (kind of Work Council with delegates from all European countries where EM is present) was organised in Brussels this week by the management. Announcements were made re restructuring of the EM business in Europe but nothing has leaked so far. Apparently information is still under non disclosure agreement till Monday morning.
Care to elaborate?