All the recent layoffs appear to be part of a transformation program to reduce headcount, footprint, and go digital. Are there any specific targets? How long will this last?
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Hi @fcx+1buWsRaL / Survivor for Now! It's clear that you didn't comprehend or read the post very well. Nothing was stated about 1,000 jobs being gone.
In reply to @tcc+1buWsRaL it’s not all Ann Arbor jobs. Stop spreading totally false information. There will still be about 1,000 employees in that office
It's important to remember the context of the transformation.
- The last major initiative began in 2018 with the divestiture of Financial and RIsk (now Refinitiv) and Jim Smith was CEO then.
- Steve Hasker was appointed CEO in 2020 as Smith retired. He has his own directives, his own goals, and his own team to execute them. We're starting to see what those goals are in real-time as 2021 plays out.
- Ann Arbor also hosts a slew of salespeople who (presumably) will not be all let go. However, I can see them having salespeople of all stripes working remotely indefinitely. As someone mentioned, there were 1300 employees at Ann Arbor. 160 will be gone by the end of the year, and if the cuts continue, it's not impossible to imagine 1/3 to 1/2 of the Ann Arbor 1300 headcount being eliminated. That's a huge loss of headcount and vast space in a sprawling office building (which they purchased outright in 2017 from a bank).
This cr-p was done in the 80s, 90s 2000s. People think I have a great idea let's pay people less and move to a totally different time zone and culture hope it works. Hey youth at TR look at history, it will fail immensely.
The layoffs are just starting. I think it will just continue over the next two or three years at this pace off and on. They will pick away at longer term employees also and hold onto some of the domain experts until the transformation they promised the shareholders are “met”.
Another layoff announced 6/21/2021 in technology area. All Ann Arbor jobs are being replaced with Mexico, Brazil and Asia. So not really headcount reduction as cost reduction leaving US and going for cheap labor (yes those are permanent employees and not contractors) out of USA.
It's all about bottom line for this company (and many other top500 copmanies) and where else to cut cust if not fire all US taskforce and replace with 1/3 costing outside of USA.
Very disappointing path this company is taking.