Can someone calculate how many cuts we'll have based on info released today (e.g., if we are saying 350 million in restructuring charge, does that translate to 3500 layoffs)?
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http://oilpro.com/post/20555/schlumberger-may-lay-off-10000-more-employees-new-financial-discl
Up To 10,000 Lay-Offs May Be Coming
On Tuesday morning, Schlumberger said in an SEC filing that it will take a $350mm restructuring charge associated with workforce reductions during the fourth quarter. The company had indicated in October that the charge and further downsizing was coming. Large lay-offs follow charges like this.
Schlumberger declined our request for comment on the number of employees that could be let go - the company is not disclosing the headcount reduction number at the moment. However, we estimate the financial disclosure means approximately 10,000 jobs may be cut in this latest round.
Here's how we get to this estimate. So far this year, Schlumberger has disclosed 20,000 lay-offs. In January, 9,000 lay-offs were disclosed and during 1Q a further 11,000 employees were released. In those two cuts, Schlumberger took charges of $296mm and $390mm, respectively. This averages out to a charge of about $34,000 for each employee released. Applying the same ratio to this new $350mm charge suggests about 10,200 additional employees could be released.
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To be sure, other variables could come into play that make the extent of this round of cuts larger or smaller. For example, the 1Q15 restructuring charge included leave of absence incentives. So our 10,000 headcount reduction estimate is just that, an estimate. But wherever the number ultimately falls, one thing is absolutely clear - mass lay-offs are returning to Schlumberger and pink slips will likely be handed out between now and early next year.
I think Hammond is less than that, but I left in 2001 so I may be wrong.
Cameron is closing Hamond in January, there is 300 people right there: https://www.thelayoff.com/cameron-international
500 max, my opinion. Cameroon will get hammered
I'd use this math: 350,000,000/200,000 = 1,750 (350M charge, 200K per worker, 1750 to be laid off) - I know it's not this simple, but I'd say more than 1000 and less than 3000 in total. that's my math.
@EJ9S5zv-evn I think you know what I wanted to say
jop cuts? you mean job cuts?
Is Houston going to be hit again? #houstonlayoffs