"There are layoffs going on now - client execs, digital sales, and hearing tech sales next, as IBM expect the sellers to pickup doing demos and the technical parts with the customers, on the FULL portfolio!! – the inmates have taken over the asylum....."
Is this true? There were layoffs this week? Am I the only one who hasn't heard about this?
Yes - layoffs in the US happened last week. 30 days notice & 90 days severance. Last day for most is 17th/18th Dec. It’s quicker to do in America. In Europe, layoffs take a much longer time because of consultation processes and needing to give a minimum notice period. So that’s why they started speaking to staff in each European country and announcing it internally in early November because they need to get as many people out of the door before the end of Q1 2021. If they had waited until the New Year to do this in Europe - it would drag it into Q2 and the CEO / shareholders / board members don’t want that. This can only mean that Q4 is going really badly....and when those results come in the management can say to Wall St “look - these are the changes & cuts we are making!”
In the US?
Just posted this morning
https://seekingalpha.com/news/3639353-ibm-plans-to-cut-10000-jobs-in-europe-ahead-of-legacy-spin-off-bloomberg