~350 total between F1 and F8 (2.7% of total headcount) will likely go by end of year.
Get your backup plans in order, it’s just business.
60 replies (most recent on top)
GlobalFoundries is as it always was… a mediocre fab with more money than talent. Now that the government is checking visas, who knows? Remember they sold this fab to NYS with the lie that “locals” could find good work? I left 10 years ago and never looked back… The GF “leaders” are old IBMers so they use the playbook. Have a plan, buckle up for the bumpy transitional drive and don’t look back! There is a good life after both IBM & GlobalFoundries!
@rv the combined labor ccpml reduction from ‘25 to ‘26 for = $55M. F1 and F8 will share this load with F8 eating a larger share. Last year the labor cut was $40M - the number came out mid October and it was satisfied by Christmas (mostly higher compensated remote workers - customer eng, sales, etc…). Since those people are gone the target group will likely be larger and made up of more lower comp’d people.
You can almost be certain that management teams have already had to give up names. Glint survey will also enable a list of mgmt that will go and teams will be consolidated under fewer managers.
assume average salary of $150k then = 366 people.
Assume avg of $300k then it’s 186 people.
In any case, the money is going to come from somewhere and the labor redux target is always the one that is met first bc it’s the easiest needle to move.
A layoff coupled with big budget cuts across all other areas will make for a bumpy ride for the next several quarters.
Post the proof. Pure speculation at this point.
GF is copying the IBM layoff plan and see what the final outcome was, IBM paid GF to take their Fabs.
@m6 indeed - it’s been ongoing in small groups so the company can avoid having to report the layoffs.
@bv y’all should be the first up. Be honest with yourselves - if you feel good about shipping US jobs to India to save a few dollars while never actually having to “go to work” then you get what you get.
We are a sinking ship----silent layoffs happening in Malta all the time.
@fh it’s likely to occur between October and January
~$50M being trimmed from labor budget
Sounds good , ha ?
will this happen after the year end review on October or it is happening
Unionize, what’s taking so long?
What about APAC?
@bv don’t know, only know rough sizing of labor budget cut.
@bp Are remote employees and directors based in the South who handle India sourcing out of scope?
@af likely a bit of every level. Last year’s (October-Jan) round hit mostly higher level remote folks. Unfortunately this year there are fewer of those higher level remote folks to hit first.
Glint survey results will spell bad news for some on the mgmt ladder.
The meltdown continues from bad leadership.
Here we go again. Why, why??! What happened to one only every few years?
Don't forget those surveys. That should help things, ugh....
Its' Bad News. The manager was thrilled about a business trip to Oktoberfest.
what level will be targeting?
Thanks for the heads up
✌️