5% of 50,000 is 2,500 so they might not even be done yet
And this is why.
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Incestor sry, investor day presentation said they wanna save 350mil on payroll
It's over. 3 emails confirm
LHX is a classic cash cow milker. A dismal place to work if you are an innovator. A dismal company to award a contract to unless it is rote menial work.
Post from TheLayoff.com
Yes. At Greenville. When I was once a customer, the sector president openly joked to an O-6 that he regularly competes with the Buc-ees regarding hourly pay. Needless to say, the O-6 was not laughing.
Kubasik’s email also said “this year” so no reassurance this was close to the end.
ok, triple it. still have a ways to go.
The "merger of equals" was really a buying of L3 on short term 1 year rolling loans. Basically forcing them to get loans at higher interest rates every year, because they stupidly did this. Also purchase Aerodyne and link16 on loans. They are losing tons of money with interest rates going up, in the billion dollar range, seriously, probably more now. Earnings comes out in 2 weeks this is a band aid to give them more cash on hand to service the loans while they wait and hope for interest rates to come down. If they don't they will have to either keep laying people off or spin off companies.
Of course all of the geniuses who made these M & A decisions still have jobs and will give themselves bonuses for all the cost savings for being able to make the tough layoff decisions in this high rate environment that no one could of possibly seen coming.
"There are no plans for more RIFs" Was exactly what they said the last time there was RIFs just months ago
$45k per head? Are the wages that low in other parts of the company? Only some of our technicians are getting paid $45k. A lot of the people they fired are senior engineers that are north of $150k. I bet the average is a lot higher. My concern is once they realize how much they’ve saved and how they can just force people in downsized teams to just do double the work with no help, they’ll keep doing this.
Well 2,500 people at $45k per head of cost is only $112M. Let’s say with benefits it’s $175M/yr. Their target is $1B by year 3. 2,500 people only gets us about halfway there. Time to beef up the Resume. Company’s focus is on cost cutting and not revenue growth…