#costcutting

I hear A layoff is approaching at Phoenix, AZ Peak location.
They are cutting costs with tenured employees and hiring
unlicensed people to train with no experience.

More cost cutting planned. As a result expect no raises and no CL promotions again this year. Meanwhile as inflation eats away at your pay, the buying power of your compensation goes down further.

Folks, there is no CPM this time for cost cutting

https://www.lightreading.com/network-platforms/bt-unloads-loss-making-international-unit-in-verizon-tie-up

Do we have money for this ?

ExxonMobil is stacked with unnecessary layers of management, and too many people hide in those layers instead of doing real work. Flattening the organization would cut costs, eliminate pointless hierarchy, and force people to actually earn their salaries. A leaner structure would improve accountability, reduce inefficiency, and stop the cycle of managers managing other managers who contribute nothing.

https://americanbazaaronline.com/2026/06/10/dell-sec-filing-signals-more-workforce-cuts-as-severance-costs-climb-482584/

iHeartMedia initiated layoffs affecting radio stations nationwide. The company is restructuring its radio programming and building new tech capabilities. This move aims for $50 million in annualized cost savings. Several Lehigh Valley radio personalities were among those let go. The company did not disclose the exact number of affected employees.

Lehigh Valley, Pennsylvania

https://www.mcall.com/2026/06/25/lehigh-valley-radio-personalities-laid-off-as-iheartmedia-downsizes/

iHeartMedia's latest round of layoffs has reached Baltimore. WPOC 93.1 midday host Bob Delmont exited the company after 27 years. Delmont also hosted iHeart's nationally syndicated Classic Country format. His departure is part of a companywide restructuring to reduce costs. iHeartMedia plans significant cost savings this year and next.

Baltimore, Maryland

https://dcrtv.com/bob-delmont-exits-wpoc-as-iheart-layoffs-reach-baltimore/

Kitsap County faces a projected $9.8 million budget shortfall in 2027. Expenses are increasing faster than revenue, driven by rising labor and public safety costs. County officials are considering two main options to address the deficit. These options include a sales tax increase or eliminating 45 to 60 staff positions. Commissioners will adopt a final budget in December, with changes effective January 2027.

Port Orchard, Washington

https://www.kitsapdailynews.com/2026/06/25/kitsap-considering-tax-increase-staff-layoffs-to-cut-budget-deficit/

iHeartMedia is conducting layoffs as part of a restructuring plan. Local radio personalities in the Quad Cities were affected. Hosts from stations like WLLR and Big 106.5 lost their jobs. The company aims for $50 million in cost savings. These changes will lead to more national programming.

Davenport, Iowa

https://www.wqad.com/article/news/local/iheart-layoffs-wllr-big1065-local-talent-lose-jobs/526-2e247803-33d0-41e0-922c-0bc6f937bd22

Putting emotions aside and trying to be objective, it seems to me that Danfonso will be moderately successful. They’re just financial engineering their way to a slightly higher free cash flow. Layoffs, outsourcing to India, and cutting costs aren’t novel or revolutionary ideas. They haven’t come up with any new strategies to open up new markets or increase revenue so they’re relying on the tired old playbook. The hype about AI is a smokescreen. It’ll get implemented to some extent but it’s not going to increase revenue, or unleash synergies or cut costs drastically.

It stinks for the employees and will continue to do so. The company will become leaner and slightly more profitable and the executives will exit after getting a big payday.

Do they justify sending 1000 Advisors to Nashville along with Regional Support Clowns, “National” sales people and Market Leaders who can’t do their job? Yet they are letting people go to save money. That Nashville soirée cost at least $5-$10 million.

Have you guys looked at his history past where he’s worked? Do a quick ChatGPT/Gemini search on his roles at his previous corps. People talking about PE in the other thread. No need. This guy will do the same they’d do, without selling out. His specialty is corporate restructuring and cost efficiency. Get ready everyone. They didn’t bring in an outsider for nothing. I bet you MF was unwilling to do what EH and the board wants. I think they see that EH approval rating is declining, so bring in someone else to be the bad guy. Homeboy doesn’t care. He’s probably on his way out of his career.

Why does Optum have so many Directors and VP’s who don’t have direct reports? If I were trying to trim the fat, that is the first question I would ask.

Lucid Group plans to reduce its workforce by 18%. This reduction includes full-time employees, contractors, and hourly production workers. The company aims to streamline its structure and optimize operating expenses. Lucid also eliminated a production shift and the Chief Operating Officer position. These changes are expected to result in $158 million in annualized cost savings.

Newark, California

https://www.kron4.com/news/technology-ai/lucid-layoffs-bay-area-ev-maker-cuts-18-of-workforce/

let’s save money. need a raise and getting rid of one of Verizon’s weakest departments would help.

I've heard from employees there of pending Layoffs at Schwab in Phoenix, AZ. Especially for the tenured employees to hire new people much less cost.

IBM and Deloitte have closed the deal on Juneteenth day to takeover VZ IT. It would be a Centralized IT org to deliver the business requirements using Claude Code; hence you would see that your Gitlab repo has 1000+ developer access now(Go and check it out). VZ will do one more wave of RIF to reach the number of agreed workforce for rebadging and retain a small % in the IT.

Don't they usually close some stores around this time of the year? Any guesses which locations will be hit?

Every projects I’ve worked on had Manager/IC ratio > 2:1. The most recent one was 6:1. Does the MC realize they can cut the managers by 1/2 or 2/3 to achieve greater cost savings?

They're moving away from layoffs and toward firings. I know several people let go for ridiculous reasons. It's getting worse.

I bet the corporation is going full on AI where UR and Care Coordination Nurses will be replaced. Instead of paying $70,000 + benefits to nurses. It is cheaper to use AI that work 24/7, no sick time, no PTO, no health benefits.
I can tell you l have seen AI approve claims and misread the clinical criteria that should have been denied. It will actually end up costing the corpration more money loss in the long run.
I see it on a daily basis.

With the VSP deadlines approaching, it’s obvious headcount is getting slashed. I'm also thinking about how this margin recovery squeeze is going to butcher our 2027 benefits. Any visibility on the 2027 plan designs? Specifically, is the mandatory ICHRA rollout expanding to more states for 2027? They already forced Indiana staff off traditional group plans and onto individual marketplace stipends. Shifting more states to ICHRA seems like the ultimate corporate cost cutting move to completely offload insurance risk onto us. What state is next? More importantly, when will employees be told?
Our employee premiums jump every year while coverage gets gutted. It's the classic Centene irony—working for a healthcare giant with health benefits that are noticeably worse than our peers.
In the past, they took away bonuses and gave us tiny raises that were immediately eaten up by healthcare premium increases. Anyone have eyes on what the out-of-pocket maximums or wellness program changes look like for next year? If they change the plan designs any further, staying through this restructuring might not even be financially worth it.

AT&T is reportedly conducting new layoffs across multiple departments. This follows similar workforce reductions by T-Mobile and Verizon. Jennifer Biry is replacing Pascal Desroches as the company's CFO. The company seeks to become a high-performance networking firm. Layoffs are attributed to AI integration and cost reduction efforts.

https://www.phonearena.com/news/AT-T-reportedly-does-what-T-Mobile-and-Verizon-received-flak-for_id181220

JetBlue Airways is closing key operations at Newark Liberty International Airport and LaGuardia Airport. This decision aims to reduce costs for the airline. JetBlue will shift its focus to expanding services at Fort Lauderdale-Hollywood International Airport in Florida. The airline plans to significantly increase daily flights from Fort Lauderdale. JetBlue has stated that no staff layoffs are planned due to these changes.

New York, New York

https://www.financialexpress.com/world-news/us-news/jetblue-airways-shuts-down-key-operations-at-2-major-us-airports-will-staff-layoffs-follow/4270875/lite/

Since Medtronic loves saving money I have an idea. Fire the useless Sr VPs and VPs and find replacements in Colombia. I am sure that will work our great. It would save millions upon millions of dollars.

Tara should go first.

Norco re-org on the way after $500mm in potential value found by McKinsey. So much for "we can't cut and cope our way to profitability..."

We need to be using more AI to trim cost here at T. We are going backwards if we don’t.

Feels like Centene has been trying to outsource a lot of work lately. Does anyone know if that actively happening?

It appears Citi is only cost cutting and scaling back operations. They can’t grow and are not innovative, so the only option is to keep cutting and reduce the bottom line.

It's amusing reading all this speculation when we all know deep down that nothing will change. The same thing that always happens will happen again. We'll see more layoffs, more outsourcing, more "do more with less" rhetoric, and more of the same for employees. Nobody gives a damn about us or improving our situation, least of all any CEO.

I’ve been in enough high-level meetings lately that I can’t shake an uncomfortable feeling. I’m not saying the company is doomed. I’m not saying tomorrow is the end. But I am surprised more people aren’t talking about some of the warning signs. When every conversation becomes about cost cutting, reorganizations, efficiencies, and “doing more with less” while long-term investment, innovation, and employee confidence take a back seat… it’s hard not to wonder where this is headed. Maybe leadership has a bigger plan that isn’t obvious yet. I hope that’s the case. But sometimes companies don’t collapse all at once. They slowly drift there while everyone convinces themselves the next quarter will fix everything. I could be wrong, and I genuinely hope I am. But if people in the room are uneasy, perhaps it’s time to start having honest conversations instead of pretending everything is business as usual.

Centene Corporation is offering voluntary buyouts to most employees. This move aims to cut costs after losing members across key plans. The health insurance giant serves over 26 million members nationwide. Layoffs may occur if insufficient employees accept the buyout offers. Workforce reductions could impact customer service and claims processing.

St. Louis, Missouri

https://www.newsweek.com/centene-layoffs-2026-medicaid-medicare-insurance-obamacare-coverage-12076026

California Academy of Sciences employees rallied at San Francisco City Hall. They called for the San Francisco Board of Supervisors to audit the Academy's finances. This action followed recent layoffs affecting at least 38 union members. Management stated staff reductions were necessary to reduce expenses and eliminate deficits. Workers had previously proposed executive pay cuts, which the Academy refused.

San Francisco, California

https://localnewsmatters.org/2026/06/12/sf-california-academy-sciences-workers-rally-layoffs/

Lee Raymond, Who Created Exxon Mobil, Dies at 87

He oversaw Exxon’s acquisition of a rival, cut costs relentlessly and denied the scientific consensus on climate change.

Lee Raymond, the chairman and chief executive of Exxon Mobil Corp., at a news conference in 2005. A former high school debating champion, he was known for making withering remarks to those who challenged him.

Lee R. Raymond, who as chief executive of Exxon Mobil wrung out costs to make that global oil company the most profitable in its industry while stoutly resisting the scientific consensus that burning fossil fuels was causing a potentially disastrous warming of the Earth, died on Saturday in Dallas. He was 87.

His death, at a hospital, was confirmed by his son Colin, who said the cause was complications of pneumonia. Mr. Raymond’s agreement in 1998 to acquire Mobil — a transaction valued at about $81 billion, then the largest corporate merger ever — created the world’s biggest private-sector oil company in terms of annual
sales, operating in 200 countries. The deal reunited the two biggest parts of John D. Rockefeller’s Standard Oil

Trust, sundered in 1911 by federal trust busters in an effort to spur competition. During his reign as chief executive, from 1993 to 2005, Mr. Raymond relentlessly cut costs, including eliminating a third of the executive jobs after the merger, and helped boost net income to $36.13 billion from $4.8 billion. The company’s market value increased fourfold to $375 billion.

Mr. Raymond shunned publicity. There was no discernible effort to make him seem endearing or personable to the general public or even to his own employees. He was known for making withering remarks in response to questions from employees or investment analysts. “What you’re hearing today may seem boring,” he said at an analyst meeting in March 2005. “You’ll just have to live with outstanding, consistent financial and operating performance.”

At company headquarters in Irving, Texas, he worked in a hushed office suite known as the God Pod, where a painting of a tiger hung behind his desk. Some employees nicknamed him “Iron A-s,” according to “Private Empire: ExxonMobil and American Power,” a 2012 book by the journalist Steve Coll.

Before Mr. Raymond became chief executive, his biggest public role was taking charge of the company’s response after the Exxon Valdez tanker ran aground on a reef in Alaska’s Prince William Sound in March 1989. The accident spilled 11 million gallons of crude and blackened 1,500 miles of coastline. Mr. Raymond, then Exxon’s president, oversaw the cleanup and, in 1991, helped negotiate a $1 billion settlement of federal and state legal charges arising from the spill. He accused environmentalists and politicians in Alaska of making the disaster worse by refusing to let Exxon spray chemical dispersants on the oil slick shortly after the spill.

In 1994, a federal jury in Anchorage ordered Exxon to pay $5 billion in punitive damages to about 34,000 fishermen and other Alaskans who said they were harmed by the spill. Exxon appealed, leading to another 14 years of litigation.

In a 2008 Supreme Court ruling, the damages were reduced to $500 million.
In the early 2000s, as BP and Chevron courted public favor by touting their investments in alternative energy sources, Exxon took a hard line against government restrictions on fossil fuels and funded research challenging the consensus on global warming.
Mr. Raymond, a former high school debating champion who had a Ph.D. degree in chemical engineering, considered himself a scientist with standing to question that consensus. In a 2005 interview with the public television host Charlie Rose, Mr. Raymond said there was a “natural variability” to temperatures on Earth over
millenniums. “If we weren’t here, the climate would change,” Mr. Raymond said. “It has to do with sunspots, it has to do with the wobble of the Earth, and it has — there are all kinds of things that come and go. If you talk to a geologist, he will tell you the Earth, over its history, has been much warmer than it is now and much colder.”

Because wind, solar and other alternative energy sources were costly and could not replace oil and gas in the near term, he argued, Exxon should focus on finding and pumping more oil, including, if possible, in the Arctic National Wildlife Refuge in Alaska.

Environmentalists regularly denounced Exxon. “There is a spectrum of corporate behavior on global warming and Exxon is the epitome of denial and deception,” Kert Davies, then the research director at Greenpeace USA, told The New York Times in 2005.

Mr. Raymond also resisted corporate trends toward greater acceptance of g-y rights. After Exxon acquired Mobil, the combined company rescinded Mobil policies banning discrimination on the basis of s-xual orientation and ended a practice of providing benefits to same-s-x partners. The moves prompted some g-y and le----n drivers to boycott Exxon service stations.

Under Mr. Raymond’s successor, Rex Tillerson, Exxon Mobil adopted more inclusive policies and acknowledged that human activity contributed to climate change.
Mr. Raymond seemed unbothered by the unpopularity of his views. “I’ve never had a focus group to decide what my persona is out there,” he told The Wall Street Journal in 1997.

Nor did he wish to discuss his personal life. During a court hearing on the Valdez oil spill in the 1990s, an Exxon lawyer asked Mr. Raymond to sum up his background. “I hope this doesn’t get too boring,” Mr. Raymond said. “It kind of bores me.”

Mr. Raymond, center, addressed shareholders during an Exxon annual meeting in 1989. Nine years later, he oversaw the agreement to acquire Mobil.

Lee Roy Raymond was born in Watertown, S.D., on Aug. 13, 1938. His father, Clifford, a railroad engineer, encouraged the young man’s studious ways. In the 1997 interview, Mr. Raymond recalled his father’s alluding to a lack of opportunities in South Dakota and saying, “You have to get an education and get out of here.” After excelling in high school debate and extemporaneous speaking, Mr. Raymond enrolled at the University of Wisconsin and graduated in 1960 with a bachelor’s degree in chemical engineering.

He married Charlene Hocevar in 1961. They had three children, male triplets.
In addition to his wife and son Colin, he is survived by two other sons, John and Rob; and seven grandchildren. Mr. Raymond earned his doctorate in chemical engineering at the University of Minnesota in 1963 and joined Exxon the same year as a production research engineer in Tulsa, Okla. He later headed operations in Venezuela. In the mid-1970s, he impressed his bosses by turning an unprofitable refinery in Aruba into a
reliable source of profits.

After returning to the United States, he headed Exxon’s nuclear power business and oversaw the sale of a subsidiary selling office equipment, including Qyx electronic typewriters.

During his 12 years as chairman and chief executive, his compensation totaled more than $686 million, or $144,573 a day, according to an analysis done for The Times by Brian Foley, an independent compensation consultant.

That compensation amounted to “entrepreneurial returns for managerial conduct,” Charles M. Elson, a corporate governance scholar at the University of Delaware, told The Times in 2006. “Exxon was there long before Mr. Raymond was there and will be there long after he leaves. Yet he received Rockefeller returns without taking the Rockefeller risk.”

An Exxon Mobil spokesman at the time said Mr. Raymond’s performance justified his pay. Mr. Raymond was a director of JPMorgan Chase & Co. and its predecessor, J.P. Morgan & Co., for 33 years before stepping down in 2020. He also was on the board of the American Enterprise Institute, a conservative think tank in Washington.

His hobbies included duck hunting and golf. In a 2013 interview with Investor’s Business Daily, he recalled having made three holes in one. On the corporate jet, he liked to drink milk with popcorn in it, Mr. Coll reported.

One of Mr. Raymond’s sons, John, co-founded Energy & Minerals Group, a private equity firm. “My father gave me three things,” John Raymond told The Journal in 2014. “He gave me work ethic, he gave me a good education and he gave me no money.”

Though Lee Raymond was known for his pugnacity, he had a softer side, according to Mr. Coll’s book: “He could be fiercely loyal to ExxonMobil colleagues and sometimes wept openly when subordinates faced illnesses or other personal struggles.”

https://www.wheresyoured.at/ai-is-slowing-down/

Their AI-first hiring freeze is just an excuse to keep employee numbers, and costs, low. They have no AI strategy and by and large it's a game of showmanship and fakery.

Read that newsletter. It's fun and informative and he's got something coming up soon that should be a hoot.

I hear 50% cut of this experiment. No need for bloated central team in asset model.

The new CEO will want to make an impression from the start. My guess is he'll do it by cutting costs, whether that's needed or realistic or not. It happened with every new CEO and it'll happen with this one. The higher-ups fu-k up and we pay the price. Every single time.

The BBC is preparing to cut approximately 2,000 jobs. This action represents about 10% of its total workforce costs. The broadcaster aims to reduce overall spending by £500 million over the next two years. Its news division is expected to face major job losses. These measures are part of wider efforts to secure the organization's financial future.

https://m.economictimes.com/news/new-updates/bbc-layoffs-around-2000-jobs-at-risk-as-broadcaster-plans-10-cost-cuts-who-may-lose-their-jobs-and-why/articleshow/131740244.cms