Looks like it's not 10% cuts in the UK, but like 15%, based on what was announced on Thursday (380 people at risk out of 2,500 employees). Surprising, since the UK is usually performing well compared to other subsidiaries.
Does anybody know the severance package offered in the UK? I heard it's not as good as the US ones, particularly for people who haven't been there that long.
On another post, someone has indicated that the company disclosed to the SEC on the 4th Jan 2023 the following provision:
"These charges consist primarily of $1.0 billion to $1.4 billion in charges
related to employee transition, severance payments, employee benefits, and share-based compensation"
At the cost of $100K per employee laid off (on average), $1.4b would mean 14,000 employees, and $1b would be 10,000, so maybe 15% (12,000) is the correct actual target...
I wonder, did they notify 15% with the plan that after the consultation period, they can decide to keep 33% of those notified to get to the 10% number? Meaning that they are giving themselves some wiggle room if they decide people notified are too critical to let go.
Details of the severance in the UK hasn’t been released yet