I’ve been looking for rumors of bigger layoffs but there’s been none of that lately. Do you know anything about cuts in April? Does anyone have a more detailed insight?
I have been prepared for a long time, resume is polished because almost every week I hear that someone was fired, but I am still interested in whether bigger cuts will come next month?
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Can confirm.
Rumor has it that Expert Labs in Cloud will get trimmed some more. Not surprising since AK hates Expert Labs.
@3ryb, It seems Wall Street has far too MUCH tolerance for excuses from IBM. We've been waiting for pressure ever since Ginni took over but all we get is silence.
It truly boils down to execution. AK to date has executed poorly and the current restructuring timeline shows that. Wall Street will first measure him against current earnings, BUT even more importantly against execution of what he told them he was going to do.. AK announced 2.3 billion in restructuring charges in 4th Q of 2020. He did not execute there as the unions in Europe slowed his restructuring and he and the CFO were forced to admit they couldn’t spend all of the allocated restructuring money. This is a great way to show the analysts that you don’t have your finger on the pulse of IBM. If 1st Q results are underwhelming, OR if the restructuring charges are not proceeding at an appropriate pace (remember 4 billion plus left overs from 4th q are in play) look for AK and the executive management team to come under severe pressure. Wall Street has very little tolerance for excuses from the management team especially when it comes to a failure to meet your own self appointed deadlines. It’s been a year AK Wall Street wants to seem some progress
was in USA, 50% in my role were cut.
“ 1Q results are a disaster... what do you think will happen in April shortly after the earnings call...”
I’d bet on this. Expect budget and hiring freezes q2. After earnings they focus on newco transition for July 1 start date, then expect downsizing/layoffs getting everything in place to try and turn Q3 into a decent quarter. Q1&2 will be terrible guaranteed.
Hello @iagq - can you tell us which country you are in and what percent of the team was cut?
Any other details you can provide on severance etc would be much appreciated.
For those that got the package for NewCo, how does that work with your existing IBM benefits - for example, 401k matching, years of service, vacation amounts, etc?
I know Q2C was hit hard on March 1st, I was one of them, today is my first day on my own, best of luck to everyone who is hanging on .
There are two big events coming up 4/19/21 = earnings, and 4/27/21 = annual meeting IF IBM is going to do anything, you would expect it to be coordinated with those two dates in mind. If you didn’t get a welcome package for Newco, and are currently in GTS, I would be concerned. If you are not currently in GTS, And didn’t receive a welcome, I would think your services reside in Cognitive, GBS, or Systems
1Q results are a disaster... what do you think will happen in April shortly after the earnings call...
I would not rely on any statement from TL or a manager at this point. We have been told (November 2020) that no changes are expected during 2021. The same assurance in mid of January 2021. Aand then the end of January 2021 came and whole department was on layoff list. First and second waves are already out of IBM, next wave is due at the end of April. So so much for any previous assurances.
More and More lay offs across the Geo's, Systems andCloud target again.......bye bye IBM
Regarding the welcome packages to NewCo - what if you didn't get one? How do you then know if you are staying with IBM proper, or out on the street? I guess you are kept waiting. Or did everyone get the welcome package, to keep everyone guessing and waiting? The net result is no change other than perhaps more anxiety?
Hmmm
maybe people are expecting it as IBM have set aside 3 billion for that eventuality
The welcome packages went out today for Newco. IBM will let the general population absorb that for a bit. I expect Newco to be overstuffed just like Lenovo Servers were and I’m sure there are folks who were surprised to find out they are moving. IBM will let Newco deal with the overstuff as they can’t afford to take the constant bad news. The rumors are IBM is trying to accelerate all of the restructuring into 2021, so that means 2022’s 1 billion moves in. Also note IBM is never fully transparent with their restructuring charges They tend to bake unexpected charges into quarterly earnings reports to use the current free cash flow to offset the bad news.
Surely they would wait for the quarter to end, and/or results to be announced before doing anything big? I would speculate 2nd quarter is more likely to show some activity than 1st quarter. Q1 results may be so bad, they can use that as a springboard for even more layoffs?
But pure speculation on my part.
Maybe we can all stick our heads in the sand and pretend they will never happen, and that it isn't really just a matter of time. One extra day's pay means a Starbucks treat on the way home. Oops, I'm already at home aren't I.
Blind bats around here or trolls, will not bother reporting anything.
So my group was impacted by the recent RA. (Last day today) However, my TLM has stated to me personally that there would not be any significant changes in the next few months.
Something strange going on. Heard many rumors of supposed big cuts in March but here we are on the last day and there are virtually no reports of any layoffs either here or on the Facebook watching IBM page. Curious as to how these rumors are getting started if there aren't actual big layoffs or maybe for some strange reason people getting the layoffs aren't sharing information the way they used to in the past.