Thread regarding Weatherford International Ltd. layoffs

More layoffs in Q3?

Have been told by senior management in Aberdeen there will be another round of RIF in Q3. Decent severance.

Does this apply just to Aberdeen or is it companywide?

by
| 4397 views | | 21 replies (last )
Post ID: @OP+15Huuaij

21 replies (most recent on top)

The big Q2 vall is 8/5, right? That should be the nail in the coffin kind if call!!!! Godd luck boys, it may be the end of the road for some of us..

by
|
Post ID: @ykrq+15Huuaij

Now the ring in the Circus is there to guide you Managers, Vp's, CEO's to form a circle facing inwards and on the count of three pat the person on your right-hand side on the back.. Now practice this every day for a month and next month you can move on to closing your eyes and using finger cymbals and humming the Weatherford Mantra, ( One Weatherford, One Weatherford.. ) as you carry on getting into a deep state of denial... keep doing this for 3 months and when you feel a sense of great ego and at the clap of the Ringmasters hands you can turn round and open your eyes.......Abracadabra...Weatherford has Gone!!!! But you are still a super achiever !!!

by
|
Post ID: @tyxv+15Huuaij

The rig was a money pit and was managed incorrectly. Sounds familiar....

by
|
Post ID: @5oqx+15Huuaij

Why do we have a Global VP of BD and team when we have a plethora of regional sales people (AM, SAMs & global account VPs). We have too many sales folks stealing money and not generating revenue.

by
|
Post ID: @3czx+15Huuaij

The MFG LSU guy at Gulf Bank is a goner. It’s about time they took out that rude fella. He’s is lucky no one filed abuse/harassment charges against him/WFT.

by
|
Post ID: @3bzr+15Huuaij

If WFT Let go some of the heavy $ management, and kept on more operational people on........they might have a chance to make it through. However, the way they’re doing things it looks like they’ll do what ever it takes to save the BIG $ folks.

by
|
Post ID: @2amz+15Huuaij

So, for WFT, profits are inversely proportional to personnel. Interesting theory.

by
|
Post ID: @2iyp+15Huuaij

Until they get Weatherford down to a sustainable level in regards of revenue vs outgoings = profit, then you can bet your house on it that they’re going to lay off more people. The sustainability level is around the 5000 employees worldwide mark, give or take a couple of hundred.

by
|
Post ID: @2hif+15Huuaij

Are they going to close any branches in Houston

by
|
Post ID: @2xsx+15Huuaij

Well f– em then. Milking all the way.

by
|
Post ID: @1rrm+15Huuaij

Another voluntary redundancy invitation issued to UK employees today. No obvious incentive above statutory though.

by
|
Post ID: @1ixo+15Huuaij

Short service terminations obviously minimises the cost of course.

by
|
Post ID: @jsc+15Huuaij

Probably keep all the graduates as they are the future?
At least they transferred some of the useless managers out of the region but only to be replaced with more useless bodies...if it is possible to obtain more useless.

by
|
Post ID: @wtt+15Huuaij

I can confirm that there is 21 jobs being cut in the Altens site mostly short service employees! Letters are out already, meetings Also been scheduled. The end is near guys let’s hope certain managers of product lines are next to go

by
|
Post ID: @swg+15Huuaij

The recent voluntary redundancy offer was aimed at management and offering them an honorary way out. It’s these people and their mega salaries and benefits that are bleeding the company dry.

by
|
Post ID: @loo+15Huuaij

The Ch-7 consequences may apply in some countries but not in the UK. There is statutory protection for employees of UK entities which would provide severance. However, it would not qualify as "decent" in my opinion.

I don't know if the recent voluntary redundancy offer attracted any takers. It only offered statutory compensation and would only have been of interest to a very limited group. If there is another voluntary offer in Q3 then it needs to offer some level of incentive to be of interest. If the RIF is not voluntary then I do not see anything other than statutory compensation being offered.

by
|
Post ID: @vwq+15Huuaij

https://www.cnbc.com/2020/04/15/citigroup-q1-2020-earnings.html

by
|
Post ID: @ycu+15Huuaij

Chapter Seven, close the doors, no bank will pony up for another round of financing. No severance, no health insurance. no final check, if you are still there you are hosed

by
|
Post ID: @dgg+15Huuaij

I was kind of hoping we were done for now...

by
|
Post ID: @xvm+15Huuaij

Post a reply

: