So we hear that 2000 will be let go, that's massive... Do we know what groups and locations will be hit the most. I knew that FMC cannot avoid layoffs in 2015, with most of the sector already cutting tens of thousands of jobs I knew that FMC will lay off at least few hundred people. What I did not know was the extent of the cut, who would guess that we'll be cutting 2000 people here. This was never an option. I think that our business will suffer as there will be no good people to do the work. If you think about it, many top performers will feel insecure and will leave to go work somewhere else, so having FMC unstable is not helping anyone. I am sure the investors and shareholders will love layoffs as they decrease payroll costs and help with cash flow, but at the same time if you are investing long term into FMC you should be asking yourself is this round of 2015 layoffs really necessary.
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Houston is being hit really hard, HAL, SLB, Weatherford, they all cut over 5000. I think the overall number of lost jobs exceeds 30K. Now it's us, 2K, that's a horrible number. I know that subsea orders are going down and that numbers are concerning, but we could have waited a bit longer to see how things will pan out.
Do we know how the numbers break down? 500 here and 1500 there?