I see thousands of views below, but no info, so here it goes (as of this morning, Tuesday January 20 2015): We are cutting 7,000 employees - or about 11% of the overall work force. I've been tracking this for a while now, so far we had major cuts at: Schlumberger, Suncor, Halliburton (December), Apache... I think SLB cut 9K, Suncor 1K, HAL was around 1K and Apache is small so its a few hundred at most. Post if your group is affected, let's try to figure out how deep and wide this is.
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I have heard that by the end of this year about 35% of Baker's workforce will be gone, this includes layoffs and turnover. Here is the expected breakdown 11% in Q1, another 11% in Q2, another 11 percent in Q3 and possibly 2% in Q4.
Apache lay off 250, just saw on TV
This is the mindset employees need to take when looking for jobs. If someone else offers you more compensation. Remember while giving one week notice and hearing your employer cry about "but how will we fill this position....?" Not your problem, this is business....and the business community has taught some of us to wisen up and use their tactics over the past decade. Remember that candidates who stay at their jobs more than 2 years in general earn 50% less than those who don't over the lifetime of their careers.
More money than God, yet they need to axe a few people from the bottom? Oh, man...
Oil drilling is falling faster in the US than the rest of the world, we react very quickly
a lots of tweets on the topic: https://twitter.com/search?q=baker%20hughes&src=typd
I want to see if our Kool-aid drinkers will continue to claim that there are no layoffs at Baker. 7K laid off on a 50K employee base is much bigger than SLB's 9K on a 120K employee base. The whole services industry is shaken, anybody that has to do anything with Upstream is in danger. Just my humble opinion though.