Considering how bad the earnings report was, this was to be expected... CB&I confirmed that there will be layoffs, but that's about all they confirmed. No numbers, no locations, no time frame given... Basically, take some nerve calming medication and brace for impact, folks!
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The company had some cuts last year due to what they said was a reorganization. Lost some good quality people with lots of years experience. Funny thing is that when cuts come about, the rank and file employees are the ones let go. Very seldom hear of mid to upper managers being let go. Mid to upper managers need to be the ones let go as they are generally the problem that brought about the cuts now due to lack of work, revenues not meeting expectations, etc, etc, etc.