Today looks rough.
5 replies (most recent on top)
I expect we see some more forced management retirements. Cybersecurity hasn’t been hit yet and they have some of the worst management in the company. The cso hit was just the beginning.
If I was a betting man, I would expect something around each of the quarterly results. End of February [2023 results], end of April [1st quarter], and then end of June [2nd quarter]. If they are going to have more layoffs, they'll need to do it early enough to have some effect on the bottom line. Also, if you're let go before July 1st, you're not eligible for the ICP the following year if there is one and if your old manager has any say in giving it to you.
If they wait until the end of 3rd or 4th quarter, it will have minimal effect on the bottom line. They might lay off all of the contractors again in late in the year and hope they'll have enough of the projects completed to carry them into the new year.
After that, it's anyone's guess as to what will happen.
Supposedly that was it, all the layoffs are done. There's no reason to believe the leadership team though, if they need to shore up the earnings report in a few months, be ready for more cuts. They will simply say, what we told you was the case at the time, but blah blah blah things change, and we need to protect our bonuses and make sure we keep our dividend.
because ultimately, the guiding principle of the company is to ensure the dividend pays out as expected. This was made abundantly clear a few years back when they changed the bonus payout and tied it directly to the dividend, rather than any sort of metric like safety, deliverables, etc.
Will layoffs continue or is it over?