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ExxonMobil Moves Legal Domicile to Texas

ExxonMobil shareholders voted to move the company's legal home. The state of incorporation will shift from New Jersey to Texas. This decision concludes a corporate tie to New Jersey spanning over 140 years. It is a legal change, not a physical relocation of its headquarters or operations. The company cited Texas' business statutes and legal environment as reasons.

https://www.ecoticias.com/en/exxonmobil-is-leaving-new-jersey-as-its-legal-home-after-more-than-140-years-and-what-matters-isnt-the-new-address-but-what-it-signals-about-taxes-headquarters-power-and-corporate-strategy/33268/


Why blog discussions below pertain to Hans? Hans is gone, correct?

Hans Vestberg is no longer on Verizon's payroll, correct?

Vestberg, continuing to deal with the remnants, thank you for the hot mess?

How many of Vestberg's top tier executives remain??

Gone are EVPs, to include Shank and Sampath... Which other executives are no longer affiliated at Verizon and who continue to remain??


Looks like share price is taking again

Someone mentioned on this forum not long ago that the executive board wants to take the share price below €100 so they can have more layoffs. It seems it's on track to do that. This AI obsession with price increase makes no sense. What is the tipping point for them to start layoffs?


UPS Downsizes 20,000 Roles, Shifts Operations

UPS announced a significant workforce reduction. The logistics giant is downsizing by 20,000 people. This includes closing various facilities. The company is aggressively moving towards automated hubs. This shift is part of a move away from Amazon.

https://www.aol.com/articles/17-big-layoffs-know-130513000.html


Wireless / Wireline animosity

There are too many posts on this board expressing animosity between the wireless and wireline sides of the business. If you’re contributing to this animosity, you should stop! It’s silly! I’ll explain why below.

One recurring theme is that wireless couldn’t survive without wireline. Way back when, all wireless operators used T-1s and DS-3s and that generated quite a bit of revenue for the LECs. As capacity needs increased, they shifted to fiber about 20 years ago. There are a lot of fiber providers so wireless is no longer dependent on wireline but getting fiber from your own company is better for the balance sheet. Would you rather we paid AT&T for fiber?

It’s also true that wireless was initially financed by wireline but so what? Wireline saw an opportunity and they took it. T-Mobile was financed by investors outside of wireline and they’re doing just fine.

In short, wireless would do just fine without wireline and wireline would do fine without wireless but they are better together because there are significant synergies including bundling services. So stop this silliness! There’s enough drama and nonsense in the company and you don’t need to add to that.


Bungie Faces Massive Summer Layoffs

Bungie reportedly faces significant layoffs this summer. Around 50% of its 800 employees, or 400 staff, are at risk. Sony reported a $765 million impairment loss due to Bungie's underperformance. Destiny 2 support ended, and Marathon's recent efforts failed to improve its standing. Rumors of impending layoffs at the studio circulated last month.

https://www.psu.com/news/bungie-reportedly-set-to-lose-around-400-staff-members-as-a-result-of-summer-layoffs/


Elliott and friends

How you’ve found value by just restructuring the company is amazing. But how you will continue to post growth at this circling the drain is beyond even the most experienced insiders when we know this growth is financially engineered. This is a slow motion train wreck and if you don’t take the GE people out of this picture, you will also lose value. It takes consistent incompetence and grifting to destroy something with this much history and momentum and you guys have showed up late to the party.


401K match update

Coworker passed along a message from HR received when asking about the 401K drop. Was told managers received these speaking points in advance to help explain this - any of you managers receive the below?

FAQ:

Why are we making this change?
The health care industry continues to experience uncertainty, especially in the policy environment. Because of this and our financial performance headwinds, we are being even more thoughtful about our resources. This change will align our three 401(k) plan options so that each plan has a consistent employer match of 3.5%. We remain in the competitive range with our peers while continuing to provide a comprehensive portfolio of benefits and well-being programs for our employees.

Who is impacted by this change?
The change to the employer match applies to both our plans. Employees eligible for these plans will be impacted by this change if they are eligible for the employer match and contribute to the plan.


Congratulations Complainers!

We're getting assigned seating

Of all the items that have been raised about how to make employees' lives easier, THIS is the one the MC has chosen to listen to

Not cleanliness or safety in the hubs.

Not RTO.

Not time tracking.

Not pay or benefits.

Seating.

Why? Because it will give the MC a convenient 'justification' for sending us back to the office full time. They do nothing for our benefit, only their own.

Great job. Hope you're all thrilled. Your butts can now avoid having to deal with that pesky reservation system! Our problems are solved at last!


Word is getting out!

I had a dr appt yesterday. He asked who I work for and how it’s going. I said EDJ and that it’s not what it used to be and is getting progressively worse. He said he’s actually heard that from several patients lately.

So, word is getting out in the community! I figured it must be given the FA losses, and nna and auc missing goals by a long shot, but this was interesting anecdotal evidence!


Barclay’s article today RE: Wakely data

https://www.tipranks.com/news/the-fly/centene-staff-buyouts-unliklely-related-to-wakely-data-says-barclays-thefly-news

Sarah’s message was essentially: ‘when membership shifts, the organization must shift too.’

Barclays may be right about Wakely. It still doesn’t explain the scale of the restructuring. We all know layoffs have been happening every month, largely in the shadows.

Maybe the leaders can’t find their as--s with both hands. In any event, they’re almost certainly not being truthful.