It looks like there might be some corporate accounting layoffs today. This is just based on what is happening around me.
8 replies (most recent on top)
Sorry for those out of a job. Best wishes in your next steps. Chin up. There are better companies who need your talent.
I can understand why you would be perplexed. My opinion based on what I have seen & Icahn’s track record is that his boy, JohnV, is building a house of cards. They are cutting costs any way they can so that Icahn can get his targeted return on his investment. They want to get in & out fast enough that they aren’t there when it all collapses. Most likely it will be broken up & sold off in pieces. The buyers will have their own accounting departments so skilled accountants would not be a selling point.
Given the people & areas that have been laid off, offshored & reorg’d, the goal is not to maintain Xerox as a going concern. But the business should be able to coast for long enough to be dismantled & sold off which is all that counts for Icahn.
I am sincerely perplexed - how can Internal Controls be done remotely, particularly offshore? I was involved in documenting internal controls procedures a few years ago and it required being on site with the operation to understand what they did.
The leadership team will squeeze out every penny in cost. They believe the off shore resources will be as good as the domestic employees. 50% now. Most of the rest of the accounting functions will follow before the year is out. EVERY way to squeeze out an expense wil be pursued in EVERY function. There is still much left to cut.
This is correct. I was one of the lambs. Senior auditor...significant contributor. Get to train my philipino replacement
A very hard day. Many very talented people affected just to save $. Good luck.
Get out on your terms. It will be you one day!!!!
It is happening. Circa 50% accounting jobs in the U.S. mostly going to Manila with some to Guatemala. Internal Controls first by the end of April with the rest transitioning till the end of July. But first it started in the UK. Massive exodus of accounting jobs to Manila and Sofia. Similar timeline. Some teams completely slaughtered with only 1-2 roles remaining onshore.