They started laying off today at Katy as stated in another post, St James, JFK, and all points in between. Thursday looks to be a particularly high layoff day after earnings are announced on Wednesday. The memo they sent out said they would be cutting contractors but all layoffs so far have been full time employees. Other companies like Schlumberger, BP, etc announce their layoffs Weatherford just sneaks around and hopes people are too dumb to notice. If you have a random meeting scheduled this week expect it to be your last. JCVD.
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Jean-Claude Van Damme - JCVD?
You have every reason to be scared. Good luck.
Wall Street has reported for some time now that the real trouble with Weatherford lies with their CEO Bernard Duroc-Danner. Weatherford's stock started dropping when a number of buy outs were not successful and lead the company into a cash strapped crisis. Unfortunately at this point the Board of Directors would have to try to borrow the money in order to replace Mr. Danner.
A real eye opener occurred when long time personnel with expertise in their fields began getting pink slips over a year ago. You cannot replace these people with inexperience.
Weatherford will announce their layoffs with their Q4 results. Can't really blame them for not formally announcing anything before that.. These dates are set in stone months in advance.
Anything is possible from layoffs to salary rollbacks or both. In Canada, a slow drip of layoffs has started.
Im sorry I even discovered this website. Now I'm hooked and scared.
Jfk offices will be hit tomorrow. Upper management is trying to save their a$$ and trying to reorg to save themselves. 2 lay offs in a year? Something is going on with WFT.
Doubt any raises will be given for the extra work everyone will have to pick up! Hope for an oil price rebound so we can all get the heck out!!!
It's all in gods hands now