They have let me go after many years of loyal service, so now I want to tell you what is coming, because I have nothing to lose.
Wael wants the company to have at most 60,000 employees.
He told the senior leaders to pass down that this year, lower grades than normal should be given everywhere.
These people will be the first ones to go in the next rounds.
Do not get too attached to your first manager in March, they will probably change in April.
Just look at his career to see who the new leaders will be – all his underqualified friends.
The company will focus on India first to reduce costs. You were probably also told not to count open positions and managers in org charts by country, like many were.
Look at what they do, not what they say. Expect to hear about mergers and acquisitions on Capital Markets Day. We are down to 6 assets from a peak of 26 in 2007. This cannot continue. Accounting tricks are making every quarter look good, for now. But revenue will go down, so reducing headcount is the easiest way to improve the capital efficiency ratio.
We also do not have the capital or good credit rates to buy anything, so a merger is ideal.