Ghost, there's not much left to sell. Unless SH wants to hawks those weird newsroom type desks at a flea market.
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That's a bit of an exaggeration. I forget when Science and Healthcare were sold, but that would have shed between $1-2B in revenue. Markets revenu did decline, but not by half. I'd say by about 25% from 2008 to 2016. But remember: what happened in 2008 paid negative dividends for years. Revenue in Markets (F&R) was going to take a hit no matter who was in charge. But instead of investing through the down cycle like BBG tends to do, they squeezed the rag avery quarter, every year with a reactionary approach to maintaining the margin. It was a selling oriented strategy, so when the Refinative deal was announced, most of people who weren't under the tent just shrugged. It was obvious what they were doing. I can't speak for the Legal / Tax side of the house, except that they've been cutting and offshoring and onshoring to the prairies of Texas and Minnesota for years. I guess it's a similar strategy. I would not be surprised to see more divisions sold.
I hear you Ghost. Even AT&T is not as top heavy. The top heavy don't really do much and actually do not know anything. Just all talk and no tangible skills. It's amazing that they operate like from 25 years ago where a lot of workplaces were relationship and perception driven.
I heard that during the greatest economic expansion in history that TR essentially has been cut in half (e.g. revenue, number of employees). Not sure on the accuracy?
I was there a long time. Back in 2006ish, BCG or McKinsey or some consulting group did a "Span of Control" analysis, the output from which was supposed to drive a flatter organization by reducing the number of VPs with 1 Director, 1 Manager, and 1 Individual Contributor reporting to them. Makes perfect sense.
In practice, what happened was the people who had the power to do so absorbed subordinates such that the organization actually became more top heavy. It was entirely predictable and comical.
Why don’t they stick with their original plan and get rid of some ol vice presidents with the six-figure salary’s? What happened to peeling the layers of management? Seems to me they just added layers
The mental health day provided by mgt is meant to help u overcome any RIF fears.
E&Y is there to help senior management deflect blame for the massive layoffs and changes that will be made. I don't recall if it as E&Y, McKinsey or both that have been responsible for the last few rounds, but you shouldn't need to always lean on paid outsiders to interview people that have been part of the problem to tell you what to do. The funniest one was in 2018, the "big" one, where most anyone in mid management or above had to interview for their jobs and others were allocated to different roles or businesses. I think we can all agree that was a huge flop and that was driven by consultants. I laugh every time I think of the sales increases they said should be achieved through this new customer focus, obviously that was another huge miscalculation. Whoever was responsible for putting the segment leaders and their directs in should be dismissed immediately, that was maybe the funniest of all. Corporates head didn't last very long, either did ,many of his hand picked senior leaders. Tax segment is the craziest of all, the big cheese hired the 3 stooges to be the GM's of its sub segments and has definitely gotten what everyone expected, a total failure. Legal just continues to move along with slow predictable growth but nothing earth shattering.
There have been some re-orgs announced in some areas and EY has been brought to assess some of these groups?
If there are going to be layoffs this year, and I stress I don't know whether there will be, the company will have already started work on implementing them. Typically, they like to have these completed by year end, which means notifications will need to be sent out in October or early November.
Oh no, not again!
If I had to guess, I would say November, right b4 Thanksgiving, as it has consistently been in the past. Is this correct HR Ladies who monitor these posts?
The only thing you need to keep in mind with this company is that the shareholders expect/want a quarterly dividend. Just because there is a Covid pandemic won't change this expectation. Note that shareholders were still paid a healthy dividend last quarter, whereas with some other companies shareholders and Covid they did not receive them The shareholders drive how the company conducts its business and day to day operations. The recent round of RIF's, ie 2018-2020 generated a good dividend to shareholders through cost savings. So why are things going to change? Cutting costs will still be a high priority. This company relies heavily on cost cutting. Expect more RIF's - I don't know when, but they will happen - and more outsourcing. Management will still expect those employees who are left to pick up the work of those who have been RIF'd, as well as doing their own work, for the same pay.