Several weeks ago on a town hall, Legg said:
So yes, the July surplus did not happen but things could easily change in September.
Legg's group had a small surplus round with an off payroll date of 8/20. I think the cuts were about 1%. I'm sure there will be more when the board laughs at the 2 billion dollar check he needs to pull our IT out of the stone age.
That said, Legg's group is small, only 6k employees, cut that in half and it is a "normal" surplus for a large org like Mair or Chow.
The Legg organization status is up on the air until the board presentation whenever that is.
Realistically he will not get the funding he wants, the org is mostly a back-office and supporting role, not a mainline revenue division. So most likely a lot of department consolidation and layoffs come October.
One would think that MVO's would be slung around the company like crack on the streets of NYC, especially now days, most especially in areas like Legg's that are large can can be easily replaced with H1B's. I noticed that an MVO generally precedes the surplus axe. And if no MVO, then no surplus. Who knows nowadays, the rule of thumb is cut beyond the quick.
What I heard was that surplus was off the table but that doesn't mean it can't come back to the table in 2020. Especially, if he doesn't get the funding he wants. Of course, common sense says the funding is going to be used to automate jobs and ship them overseas. This effort is not about creating jobs but cutting costs.
I thought I recall in a recent town hall, or two, that Legg said that no layoffs right away, however some were to happen around September, maybe October, but no solid sounding commitment on that. I don't recall it being deemed a 'deep cut' either, but if it were, it'd make sense. I like Legg, I also like Eggs.
No Surplus in this org in 2020, announced at last town hall :)
Probably find out in October
9zex, when did you hear this? Recently? Not saying I don’t believe it, but last townhall like a week ago, it was announced no surplus is planned, and a lot of work is coming with transformation and system modernization.
I heard that a surplus with 2 weeks off the payroll is in the planning. No info on % of headcount reduction, it expected to be deep.