Initially I've heard it was 15-30% reduction and based off articles I've read. Now I'm seeing and hearing from people in office it's going to be up to 50% of the entire work force. Is this true?
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@ca They are referring to the technology and features of twitter after Elon takeover and cuts, not the content.
Axes are falling today. Is it adding up to 50% so far? Does it feel like 50%?
Even if you survive do you feel motivated? Will you be looking for a new job anyway? Your skills are valuable outside of the cocmast bubble right?
@ag Twitter is worse now than it used to be, unless you’re into the filth that’s being spewed there nowadays
@c4 I agree, they should be making even more absurd predictions, like they will fire 200% of all employees 😂
@bs managers make more than 80k. Starting salary is 100k+.
@bp 50% is a laughable prediction.
@bs I was with Comcast for 15 yrs as a Supervision. Got laid off 6 weeks ago. Made 100k a yr and received 24 weeks of severance
@bw correct I wouldn't be surprised with 80% cut and move the HQ to Chennai
@b1 Most getting cut dont even make close to 60k a year. So really it's about 40-70 thousand that could potentially get cut, in this year alone, who knows after the official split. Im looking at this from a realistic standpoint. They already laid off thousands potentially double digits in the thousands. We all know the number is massive. They've cut entire teams in bulk
@bt at least if any higher salary individuals survive the first wave they'll get their RSUs if cut Q1/Q2. That's what I'm hoping for.
2 waves, now and again Q1/Q2, reliable info for sure from multiple sources
@b0 possibily but it is also taxed heavily and we are paid bi weekly. People keep forgetting this and most people getting laid off barely make 60k a year. In fact most average employees at Comcast get around 50k-80k tops for salaries, managers make around 80k which is dog food in todays economy. Comcast pays very low salaries for average employees compared to the market and majority are hourly and won't even qualify for full severence. Maybe 4 weeks tops. Thats 2 paychecks. Dont bet on severence saving the day. I haven't seen any vps or directos find real employment in 3 years on my LinkedIn. They can't find jobs anywhere. Comcast has a bad rep of corruption and unfair treatment.
You executive level? Director? why should we believe you?
50% would be su----e for many revenue generating orgs.
@bn and you don't know anything. I'm hearing 50%
It will be 3-5% in aggregate across the whole org. A Twitter-level 50% mass extinction event would cost more than the $1 billion in restructuring costs announced.
Hoping there aren’t many cuts to CB Sales frontline. We’re already having a difficult time as it stands getting orders from signed to install without 20 things going wrong across the board. And that’s at all levels, from call center, enterprise, direct, indirect, field, outbound, inbound, retention, project management, OM, etc.
The contractors at VXI have only compounded these issues, as have OM and engineering in CIEC. Common sense and customer experience acumen with these groups is nonexistent and will destroy the prospect of future business if it doesn’t improve.
it’s no more than 30%
50% is quite high even across NBCU and Sky. To put the math in perspective, let's assume the average salary of those laid off is $150K and average severance length is 6 months. That's $75K per person in severance. According to the $1bn note from Thursday, that equates to ~13K employees. Now when you factor in healthcare coverage, number drops to about 12K employees. Still a massive amount.
@a8 $50k in severance is absolutely nothing for a director or VP. Anyone at those pay grades who’s been here for a significant period of time will easily get severances in the 6-figure range. Your $70k salary example is at the low end of the spectrum.
India tech center has been rapidly replacing all of the laid off US staff. Already India represents most of the analytics and business decisions in CTC. American staff is being systemically targeted for nationalistic discrimination.
Americans are being fully replaced by sub par Tata and InfoSys contractors from India. No US citizens are allowed to apply to these jobs since they are exclusively advertised to the Indian communities.
@OP yes I've heard up to 75% but it won't happen all at once
@am there’s a risk of litigation for everything. Anyone can file a claim for anything, whether it’s legitimate is another story. So stating it brings a risk is no different than anything else. The cases you cite also have different facts from here.
They might have meant 50% domestic cut but send a lot of it offshore
The journalist who broke this news several days ago gave estimate of 10k-15k. However none really know 50% is too much. I don’t think they are going that much. They r missing customers but still need to support millions of users
@af If a company reports 10B in costs after publicly guiding for over 1B, the resulting reduction in cash flow will almost certainly cause the stock price to drop significantly. Legally, a discrepancy of this magnitude constitutes a material misstatement or omission, providing a strong foundation for shareholder litigation. There are examples for costs omission/reclassification related lawsuits: Kraft-Heinz, GE, even Worldcom.
Believe it or not if you want, there is real risk from shareholder lawsuits and digging into whether it is intentional or just a breach of fiduciary responsibility. Also, it doesn't mean those lawsuits will be successful, alot of shareholder lawsuits aren't but it does open up risk to the company if it gets to discovery.
@aj lmao, it flushed the snowflake and got them back where they belong, reddit.
@ag it helps that everyone with a brain and a shred of empathy left that platform
@ag why omit the fact that Twitter/X was bought and all execs fired/replaced ? This is not happening here so there won't be any improvement, just fired people.
They want to make a significant impact with this one. 30% is not enough. 50% is required to really create change.
See what Elon did with X? Nothing went wrong there and X is better than ever. Only strong focused leadership can do this.
@ae none of that implicates shareholder lawsuits or securities fraud. That would be more for misreporting or hiding actual numbers tied to revenue, profit, or losses. This is why you can’t believe every comment on the internet that makes itself sound like facts.
@ac if it was more than 2B or 10B, they would have said as much. Over 1B typically means something like 1.4B, not 10B. If they said over 1B and then put in severance charges of 10B on the books, they would open themselves up to shareholder lawsuits, from both securities fraud and fiduciary aspects. They clearly don't want to invoke the wrath of the shareholders but the peons? Meh
Heard 4k to 5k this week will be let go.
@a5 I wish you all would stop being so literal with this billion. They said OVER $1B. That means it could be $2B, $10B, $7B. They likely gave this number to show the impact while also being vague because they don’t want it to show just how much they need to fix.
@a8 it's a rough average. I'm being generous and accounting for higher paid execs, healthcare, benefits, taxes, and other associated costs. You can feel free to adjust the number on your own to get your own estimate, though.
It will be somewhere between 3.14159 and 100% of the work force.
@a5 where in the world are you getting your math. Nobody is getting 50k in severence unless vp or director possibly. Average is about 6k-17k total maybe low 20s. Before taxes. Someone i know laid off last year got arout 9,500.00 total severance. That 1 billion could def wipe 50% Of the workforce. Also i believe severanc is only offered to salaried employees. I know he was making around 70k.
I’ve heard 20-25K of the workforce
@a5 that’s with nbcu and sky. Comcast cable and connectivity which is the arm that is affected is about 80k employees. While I agree 50% is likely not a possibility, I wouldn’t be surprised to see 20-25-30%
I don't think that's possible. Jason Armstrong put the Q4 charge at "over $1 billion." Even if all of it went to severance at about $50K a person, that's 20,000 employees, or about 11% of Comcast's roughly 179,000 employees. At an unrealistically low $25K a person, it's 40,000, about 22%. And not all of that charge is severance, so the real number is probably a lot lower.