Any idea on what happens after the layoffs are completed? Some sort of reorg is bound to happen. Any idea what they have in store for us at this point? Are we talking about elimination of some themes, outsourcing,offshoring, merging of teams, or will they just overwork the people that got to stay to their absolute limit?
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"Trump should be all over this and complain about this rat company eliminating US jobs. GM got its butt kicked, now its orcl turn."
Keep in mind that when an autoworker loses his job, he's up the creek without a paddle. He (or she) will never be able to replace that job.
When tech people lose their jobs Joe Q. Public just shrugs, and assumes they'll get another one right away. So no one cares.
"Total expected costs for 2019: $432,000,000"
so like a little more than what SC makes in stock per year? the vile hag just cashed in 270 million in stock whilst laying off huge swaths of people. Trump should be all over this and complain about this rat company eliminating US jobs. GM got its butt kicked, now its orcl turn.
General consensus is a major shift. Rumor has it the reorg is going to become downsizing as Oracle profits and market share continues to shrink. Executives will stay ahead of cost curves and reduce head count. Emphasis on new cloud initiatives, some cloud apps and autonomous, the rest will be reduced. Expect a new restructuring plan for FY20 that seriously reduces head count to improve operational efficiency in unprofitable divisions (most of Oracle now)
our expectations regarding the timing and amount of expenses relating to the Fiscal 2019 Oracle restructuring Plan and the improved efficiencies in our operations that such plan will create;
restructuring costs recorded for individual line items primarily related to employee severance costs.
Total expected costs for 2019: $432,000,000
Total Accrued cost to date: $297,000,000
Remaining Severance as of the 10q: $135,000,000
Page 20 of the Oracle March 18 2019 10q
http://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/759c8070-5e35-4ba9-ab91-2d84a2def57c.pdf
What isn't listed is the desire to reduce global head count from 135,000 employees to sub 100,000. The main thrust of cloud and Autonomous is reduction in headcount inside Oracle. Instead of hire young and replace old the new motto from the top is headcount reduction across the board.
New emphasis this summer will be on reinstating employee reviews by managers. Plan is for all reviews to be subpar. In the near future expect about 30% of employees to be let go with no packages based on reviews.
This is a major shift from business as usual. Expect more information this summer, and beware the employee reviews.
Stock buy backs are not related as this is a tax cut for corporations. It is also helping the stock market stay up across the board not just at Oracle.
https://money.cnn.com/2018/07/10/investing/stock-buybacks-record-tax-cuts/index.html
https://www.forbes.com/sites/annemarieknott/2019/02/21/why-the-tax-cuts-and-jobs-act-tcja-led-to-buybacks-rather-than-investment/#1dd801ec37fb
you dolt. the culling is in response to a reorg. When TK left it is expected to have some tremors.