Is the company streamlining or is this just another word for company wide layoffs?
19 replies (most recent on top)
Really Marketing!
How about GSE getting disbanded, 25% losing their jobs.
Sales have lost around 25% of staff.
I believe this has also happened in EMEA.
Arranging deck chairs on the Titanic . . .
Marketing got hit
Easier to ask who's left!!
@5cud+1dLlcNCp - Were there departures?
Who got let go today?
No pay increase this year is likely. Recall how the performance reviews are to be postponed due to many moving pieces? No performance review might mean that they are pushing off the raises. It was very carefully worded amongst other things.
After the holiday cuts, any chance the remaining employees will see we that 2% pay increase we work so hard for?
And.... any management reading this, keep in mind inflation/cost of living is up at least 5% over the last year.
if there's one thing you can set your watch by ... it's holiday layoffs at sungard!!! what a tradition!!!
AD going to layoff 10 for every dump he drops tonight
The holidays are coming. The holidays are coming.
Be ready. It’s inevitable. The holiday season cut is on its way.
And this time it will be one of the biggest. One to make AD proud.
Epic cuts.
This company is a joke! So just stop all the BS. They are not hiring. Just letting people go.
"EBITDA stability" by chopping heads.
Ratings said the company has responded to revenue declines and margin slippage by "significantly" reducing costs and capital expenditures, as well as by consolidating its data center footprint, leading to "some EBITDA stability" in the past year. However, Ratings warns that "significant cost reductions can hurt growth prospects."
S&P Global Ratings anticipates Sungard's credit metrics will "remain weak over the next 12 months" given forecasted revenue declines "in the mid-teens percent area" in 2020 and further declines of 7%-9% in 2021.
Debt maturity was extended until 2024. However according to the report, SG is still expected to decline in the mid teens in revenues. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/sungard-upgraded-by-s-p-global-ratings-to-ccc-on-debt-maturity-extensions-62024116
Most probably the latter as Thanksgiving and Xmas approaching!
I think it means that they have reversed course by growing their MRR to unprecedented numbers and are geared for a massive hiring binge.
Time to pay up the debt. Note due 2022 and one at 2023.... Private equity vultures gotta get paid! All I'm saying.
Great. Lets go back to MS RS lines of business again. Feels like Groundhog Day around here. Oh, and by the way Mike, thanks for sharing the Q3 financial results in your communication too. Here at Sungard, we know..... No news is Bad news.
Re-Org = Someone gettin fired