If you think the $2 billion that's going to be wasted on share repurchase is not going to result in some major layoffs, you must be very young or very naive.
Stunts like these have been done before, and in the end it was always us who ended up paying for it. Always.
So buckle up, people, this is going to become a very bumpy ride for a lot of us very soon.
Well, 590M is a boatload of people, Not really 590 Mill / $90,000 per person is 6,555.xx people ,. Not even close to the 30,000+ already let go. At 50,000. a year its 11,800 people. Small change for Mikely and HR
I think you're wrong about the 590M and the 3 years but I really can't be bothered to check. They said last year it would be loads of $$$ over 3 years, this year it's still a meaninglessly large number of $$$, even though they cut more costs (i.e. sacked more staff) than planned. So WFR will be present every quarter for at least another 18 months if not longer.
No point being surprised or outraged, we all know WFR is the only plan ML has.
I suspect $590m is actually from job moves rather than reductions because $590m isn't much in terms of the figure attached to a FTE's actual cost to the business....
But if you said that was a saving by moving a US job to the third world....
Well, 590M is a boatload of people. Also, don't forget the rest of the money is supposed to come from things like facilities reduction which is a very tough thing to do. When the numbers don't come from there due to slippages, lease end dates that don't match your needs, etc., guess where they will go to find the money....
Only $590 million is coming from workforce optimisation in the next three years.
Stock today at 62$. It was at 96$ in September….
The management of this company are absolute 🔔 🔚 s
MickM
Well that money has to come from somewhere and its on top of $2bn already allocated in this year.
His figures though for cost take out don't cover it though, not even out to FY22 so I assume this is mainly funded from cash profits.