I haven't seen any layoffs yet. I really was expecting to see some layoffs today. Maybe they are going to have layoffs on Friday instead.
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Yeah, they beat on earnings but revenue fell short...aka they made money by screwing over the employees. So to make up for their inability to run the company they are cutting staff to appease share holders.
No miscommunication whatsoever. The results announced today for Q3 2016 were below the results announced in Q2 2016 and also below Q3 2015.
In the company's press release issued earlier today--management indicated that it will accelerate cost savings from Beacon during the remainder of 2016 to address the earnings shortfall.
And the reaction in the market--the company's stock is trading lower today than the closing price yesterday.
Ignore these facts at your own peril.
i believe there is some miscomunication. State Street strongly outperformed the earnings estimates. It is always interesting to compare the internal feedback from the rumour mill to reality
So has it started yet?
Bad Q3 results announced today. Much worse than last quarter and also worse than same quarter last year.
Management states in its press release that it will address the poor results by increasing in the remainder of 2016 the cost savings from the Beacon Project.
Yes there it is in management's own words--job cuts will be increased! Look out below--this is going to get really ugly.
Certainly not! Its all the more reason to continue to cut costs!