Hot off the press it's a done deal 50% of the management team will he let go. This information is 100% accurate in India they will retain most of the managers so don't worry in India. USA and Canada will dispatch from Oklahoma. This plan will save the company 27.4 million dollars a year. Article will be in the WSJ next week. Also in the mix to take us over is AT&T a filing was just made. Let's see how things shake up. We are chump change to AT&T at 4 billion. And best part is our pensions don't dissappear. Info from Canada. Good day eh.
11 replies (most recent on top)
Trolls...
Needs to be top management
So now we have sales people from the WSJ and USA Today drumming up business by posting rumors without substance......
There is currently no filing listed at the prime clerk website by AT&T of this nature, except for them wanting to protect their interests during the networking sale.
Hope for the best, but prepare for the worst. But stop spreading this BS.
What about EU Mgmt?
When you do the math, that's only around 200 people: $27.4 million / $150K ( the very low end of burdened cost per manager). I guess if you're one of them, it's not good, but it's not like some kind of massive layoff. Just reflects a reorganization which everyone knows is coming.
I believe that article will be in the USA today for sure not sure about the WSJ. As a ex buyout firm employee I know the USA today will follow this story from past experience. Union workers shouldn't fear the next round of layoffs won't be for over a year. But the managers are all but done by August. Sadly I feel for all involved. But keep an eye out in the USA today . Story will break about AT&T soon.
As an old timer I would love to have T take us over, that would be beneficial to all. When you have no hobbies sometimes work keeps us sane and I really am not in the mindset to retire even tho I could. I still love servicing customers.
what about non-management in US?
No packages. These are no more packages. Management doesn't qualify for a package under the US bankruptcy disclosure. Only represented Union personnel can get packages. It's true I'm not the author of this post but heard the same thing out of Argentina.
A takeover by ATT would be a good option. It is very clear that the "leaders" are trying everything they can to convince the court that the pension plan be kept intact. Unfortunately, they are not motivated by any real concern for the retirees or their successors. Rather, this is a very obvious ploy to keep this large debt intact in order to project a lower net asset value upon liquidation. These greedy, corrupt "leaders" should be ashamed of themselves
It's going to cost more up front in packages to layoff 50% management