It was announced in a weekly manager meeting that Wellbore Technologies will be cutting 20% after Q2 earnings. Any truth to statement?
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Does anyone know which div. of Wellborn, or is it just all over the board??
It's happening today in our group. Tony Pink had a meeting less than 2mths ago and said all is good, no more layoffs, we are even on plan to make a bonus. Then he even hired four new guys, buddies of the worst managers in the office of course, now we are having layoffs, yet the new guys with no experience running our tools are staying..... NOV is full of the worst management available in the oilfield. Tony Pink is a used car salesman and complete idiot.
We will see how smart this NOV Upper management team is. Will they do the right thing and cut all these worthless managers and hang on to the employees who actually get the job done, or cut their own thoat by laying off the experienced employees who actually make it work, in spite of useless managers. This used to be a great place to work.
It is happening. Be ready if you think you may be on the list. Copy your stuff that belongs to you from the computer. Back up your phone contacts if you have a company phone. Make sure you have submitted all your expense reports. Walk out with grace because things are better outside of NOV if you are willing to work hard.
It will be significant. It will be soon. Next week or the following.
Latest word is that it is not 20% but 25%
Yup
Well, they need to get rid of Matta's underhanded posse first. No benefit. Chandler hires all his family and some of his sales force are HATED by clients hence the bad business. There are many highly qualified people in Wellbore but there are also a lot of people who need to go so that the good ones can remain gainfully employed as they deserve to be. Save the hard workers with morals and ethics and get rid of the cling ons.
Sadly, yes more cuts are still coming. Not sure if the 20% in july is in additonto this past month's cuts or just to complete the 20% target. But wellbore has very little backlog so Q3 might have addtioinal cuts in September if business doesn't start picking up soon.
Scary thing about these cuts. Every time you think they might be done, an even sharper ax than the one from before comes swingin'. Never trust that they are done.
I am confused, has this reduction not already happened? There was a sizable purge last week.