Considering the good earnings result, as well as the fact that a huge number of people are leaving the company, I don't understand the purpose of these cuts, which are very poorly planned. Perhaps someone can make some sense out of all this? In addition, announcing cuts without giving any specifics speaks volumes about how little respect they have for people who work here.
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Based on PB’s email I don’t think there’s going to be a huge hit to manufacturing. He referenced keeping the fabs fully utilized while reducing costs. Possible they are going cut corporate staff, accounting, sales, marketing? I mean the manufacturing teams prior to this announcement had most of the open job reqs and are currently understaffed..
Word is that $GFS margin has increased the last 1 year, but competitors are increasing their margin % faster (thus GF is falling behind). By no means is GF in the same financial crisis of 2018 that resulted in the great pivot, but this is being treated as such just so D.R. can show continued margin growth in the next $GFS conf call with investors.
Being an old employee in GF this is shocking to me. I feel cheated and lied. I can tell that whole company is so highly demoralized and all big talks are in dust bin now. I doubt GF will survive this second pivot. I used to one of most positive employee who has lost all hopes.
@kbn+1jHXPHoA
PB email was to notify that there will be no christmas party. Make friends with someone at Regeneron, they know how to host a party.
So what is PB saying? Sit tight till you learn more in Globalcast in Dec? But not clear if/how many will be gone before that? Useless email...
I think I agree with @ubc+1jHXPHoA is trying to say. Now that things are a bit chaotic as to my future in Globalfoundries and looking back at my time here, I feel like I have have been lied to a lot or at bare minimum misled by my manages. Manipulated too; nearly my entire my career here.
Amazon just announced layoffs of 10k a few hours ago. Buckle up folks..
The chip cycle has just started its downward trend. Normally this happens every 5-7 years but the last up cycle lasted nearly 10 years, so it was overdue.
Just remember the names. So when these managers and leaders anonymous land new roles you can send anonymous note to new employers HR. They need to be held accountable