Baker tends to lay off small targeted groups around the world to reduce visibility. Since May, 2500 people have been laid off and February 7,000 less people are employed overall.
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Baker have always done this. They are master manipulators of the media.
What happen five years ago?
Anyone, anywhere in the company has seen their department reduced and things will never be the same. Things are vastly different today compared to 20 years ago.
New groups with new names, titles, and “strategy” are just rehashed ideas from the past. This boring company can’t quite figure out that to make the drastic changes to survive requires talent - PEOPLE - in the right places. If things were done half asz 5 years ago, imagine now with even fewer talent?
Leaders (now): “Digital and automation will save this company.”
baker have always done this hiding how bad they are actually doing.
our office in Aberdeen is 65% smaller than 5 years ago and were still not busy.
8 years ago we had 15 offshore engineers doing well over 250 days a year now we have 5 sc-aping 150.
we can't bid for work as no staff , weather Ford same department in Aberdeen is working now with 22 and busy so we're doing something wrong.
This is actually a very bad sign. Large scale layoffs can send a positive message to Wall Street that you are taking proactive measures to cut costs in a down turn, Halliburton is notorious for cutting fast and cutting hard. Constant dribble of small scale layoffs says you don’t want to scare investors that you are struggling. Expect Q2 results to be bad, possibly catastrophic.
Maybe it’s smart to carefully remove small groups at a time to buy time and see if market improves?
I too have noticed BKR isn’t in the headlines nearly as much as the other 2.