Anyone hear anything about what they're planning now?
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this was filed with the SEC on July 2nd.... there will be more layoffs
SS&C TECHNOLOGIES HOLDINGS, INC.
(Exact name of Registrant as Specified in Its Charter)
Delaware 001-34675 71-0987913
(State or Other Jurisdiction
of Incorporation) (Commission
File Number) (IRS Employer
Identification No.)
80 Lamberton Road, Windsor, CT 06095
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (860) 298-4500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.05 Costs Associated With Exit or Disposal Activities.
On June 26, 2018, SS&C Technologies Holdings, Inc. (the “Company”) approved a plan which is expected to result in a reduction in headcount of approximately 900 employees of DST Systems, Inc. and its subsidiaries (“DST”) in connection with integration efforts relating to the April 2018 acquisition of DST by the Company.
Pre-tax charges associated with the reduction in headcount are estimated to total approximately $60 to $70 million, primarily consisting of severance and related expenses. The majority of the charge is expected to be incurred in the second quarter of 2018. Approximately $55 to $60 million of the total charge is estimated to result in cash expenditures, the vast majority of which will be paid in 2018. The remainder of the estimated charge is the result of the acceleration of expense of share-based payment awards. The majority of the positions eliminated in the reduction in force were effective in June 2018 and the reduction is expected to be complete by December 2018.
I agree, the last thing they want is bad press so they will do gradual cuts without notifying WARN. But if there are fines laid out, they are willing to accept it so long as the cuts happens. They are as nice as they will ever be but next year will be more drastic as they donot have to honor any agreements. That is when they will push the management to make their numbers. If they don't there will be no bonuses paid for helping in the transition. The managers already have been notified they will receive a nice severance if they stay until next year....then the managers have incentive to push cuts. Ohterwise they will give you the standard ssnc package, not the nicer DST severance package.
Yes they are spacing the cuts. The scheduled layoffs are in line with their plans. 2019 will be a bit more drastic. Once past the first year, they will assess more consolidation couple with more layoffs. 2019 looks like it will be the same. Each of the divisions will be either merged with ssnc teams or completely eliminated.
there has to be more layoffs and cuts. It will be a quarterly basis cuts and hiring freeze.
yes
What about Birmingham office ? Any layoffs there?
Healthcare will get hit hard 3rd quarter. Kansas city will get it but not as bad as last month.
Heard from manger on pharmacy side that there is October layoff and some of list has been notified.
Probably getting the next list of people to cut.