Rumors around news coming out early next week.
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Appears to be mostly mid to upper level management with very minimal if any impacts to front line workers.
I know I didn’t hear anything about Senior level leadership taking paycuts, but what else would you expect.
I came over from MetLife. Saw a lot of re-orgs and layoffs there. I've never seen it done so swiftly and brutally. This is just Capitalist, Corporate America. It's ugly. An ugly, ugly day, and I hurt for those affected.
So glad I got out last year. Had been there 20 years but the company no longer seemed like it valued people like it used to. Some of my former co workers were affected by this and I hate it for them.
The termination was effective immediately. However, employees are entitled to a severance (length depends on length of employment). It was harsh but necessary. The company was significantly underwater (losing 11 cents on every dollar). Downsizing was the only way to save the long-standing company as a whole. As the spouse of a terminated employee, I'm devastated. As a policy holder in a risky area, I'm grateful it means my insurance policies remain in effect.
Very unfortunate. The how it was done seems heartless, based on what has been reported. Some people I know are safe, others are not. Does anyone know what criteria was used to determine who received the lay-off notice.
Confirmed. 11% or 2400 total. Most will know by end of day. Already know of one that go let go at 12:30. No mention of Raul or any execs taking a paycut.
Immediate layoffs as video ended!
An employee just told me they are laying off 2400 people today. An email will be going out around 1230PM EST to staff and then shortly thereafter everyone will receive an email link that advises if they will be let go or not. 11% of the staff will be cut. This is devastating news for so many families.
11% reduction in force! Massive people leader layoff.
Any WARN notices to support the RIF?