Kyndryl posted the intention of cutting some jobs. With a charge around $200M we can estimate approximately 2000 to 4000 jobs to be impacted.
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@s6 Definitely agree, people are stressed and very tired. Morale is at its lowest. I still wonder how much they pay for the yearly "Most Loved Workplaces" recognition.
@bn I think this is not accidental. My theory is they want people to leave on their own because it’s cheaper anne this is one of the ways they try to achieve that. Over the last year they couldn’t have done more, in my opinion, to create a really unpleasant work environment.
@fx Give it a week. Last year the diaries got filled by HR invites in 3rd week of May ;)
I pray I'm one of those ~10000 layoffs! After twenty years with IBM UK, these last five spent at Kyndryl as they constantly endeavour to out-IBM IBM in the worst possible ways I've definitely reached the end of my tether.
@OP MORE THAN THAT
@aa holy $hit
@bn You are spot on my friend! I had to leave Kyndryl to keep my sanity. Living under the constant threat of rolling RAs and people working scared is not fun :-(
Poor execution at the top...flat revenues????everyone else is growing!!! Time to make meaningful changes at the top! No positive catalysts.
This is exhausting! On top of the ongoing regular rolling layoffs, Kyndryl has had significant layoffs, large enough to require announcements, every year.
People are worn out. With the constant shrinking, there’s fewer and fewer people to do the work. Roles don’t get filled. On top of trying to do 4-5 people’s jobs and picking up new scope constantly, it’s stressful and downright exhausting to live under constant threat of layoffs.
It’s a topic in every conversation at this point. Every morning, we brace while logging on to see if our access is suddenly blocked.
With the stock down 45% YTD, a Zacks Strong Sell rating, and revenues completely flatlining, the board is going to demand blood. Marty and the C-suite have literally no other levers left to pull to appease shareholders before the next quarter except a massive reduction in force. The fear about the layoffs continuing isn't just a hunch; it's a mathematical certainty at this point.
Kyndryl announced in an 8-K SEC filing that the board has approved a "workforce rebalancing action" that will result in $200 million in severance and related charges.
To put that into perspective using historical data:
In fiscal 2024, they spent $190 million on severance, which resulted in the termination of approximately 10,000 employees.
In fiscal 2025, they allocated $100 million, targeting around 5,200 jobs.
By approving a $200 million charge for this upcoming round, they are mathematically targeting the elimination of roughly 10,000 to 11,000 additional employees globally.
Well it'll be no big surprise that bodies have to go overboard after the howling calamities and prat falls of the last year. Will be Just another wave this one, although not by total stealth this time if true.