We are a couple weeks out from business restructuring, realigning gtm strategy, aligining under the divisions. Of course this will mean more cuts.
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It is true that revenues, and not profits, are going to go down by > 30 percent.
How much are profits going down due to spinco and exit of PFAS? That is the number to keep in mind.
3M is losing roughly 3 billion in revenue due to PFAS elimination and another 9 billion due to spin co. That takes annual profits from 34.23 down to roughly 22.23 - 33.1% decrease. Spending has to shrink accordingly so SVP budgets will have to move down by a similar percentage. Hang on tight, going to get interesting. If you are in SG&A, I would start looking for a new job.
No body knows how this will play out -- the details are not circulating through the normal office grapevine. I've heard between 10,000 and 15,000 positions, world-wide.
Do you know how this will line up? Market Centers going away? Activation Marketers? What job roles will go?