Thread regarding GlobalFoundries layoffs

@2wgi+1jF2Ql0X

I worked on this a bit. They have us dead to rights. It’s literally us playing checkers while they are playing chess

The $2.5 billion fraud lawsuit from IBM is still pending and is going to take a lot of money to go away. Even a subset of claims previously dismissed were reinstated in April this year. Sounds like something may not be going well in discovery and a very large bill is coming due to settle.

@2kif that doesn't really change anything, but I'm sure everyone is appreciative of your addition

Actually the managers had the video screened to them on Thursday, before we saw it.

This is purely speculation; I think orders must have dropped off a cliff. The whole industry has been impacted by the Biden administration’s new export restrictions on semiconductors to China. First source fabs probably cut their prices to keep their volumes up. So, the demand for second sources, like GF, must have dry up very quickly.

I agree with @OP and some others here. Something more than just "market conditions" must have happened

Heard employees age 50 year and above are going to be key targets and will be primary target throughout this year and next as they are equivalent to two new of less experienced employees. Idea is to create their back up and replace them with yoong and low cost employees. What the heck going on ?

HIRE someone questionable as CFO and this is bound to happen

Nothing is right at GF

I think 🤔 the reason of layoffs is that they did not have enough cash to take more people to the one year IPO celebration on the street. Following they did not have enough money to take the leadership to Portugal like last for meeting but instead ended up at intrepid in nyc. Meanwhile Albany review has been touting GFs accomplishments all over and how they are going to build 8.2.

However I think reeder is just trying to funge books to show quarterly profits rather than saying demand went down.

@kev+1jF2Ql0X

Who doesn't enjoy a delicious ear of corn? 🌽

• Attrition is high
• Need to reduce headcount further
• Announce layoffs without specifics
• This triggers increased attrition
• Reduced headcount accomplished without paying severance or violating WARN Act and not looking like cr-p for taking CHIP Act tax funded money.

I am very sure this is another confuse and accomplish act by TC. Difference this time is that more and more employees are able to see the non transparency and under the table things. Attrition being in high double digit and still not able to make the reduction target? What the he-l is going on? My manager told me last year that based on attrition rate, additional reduction will definitely not needed. Then there were frenzy in hiring and I was told that this was needed as many key employees left and position needed to be filled to keep company running. And now we are back to our typical rhetoric after good earning result? Nothing makes sense to me. It just confirms my belief that i should leave this place without delay. GF is not a place to work as I can not trust leaders and CEO here. Remaining leaders have questionable competency as most of them are failed leaders who could not find a job even in good times.

Looks like the company got a sudden end of year financial surprise and it's a knee jerk reaction to cut costs.

What remote workers!?

Yep, it's a push out move. Next thing they will demand remote workers back to the office as an attempt to make them quit.

This layoff is nothing like any of the other ones I've personally been through here. The managers aren't hiding it at all, just walk up to your manager and ask them. They'll tell you everything they legally are allowed to. That is not normal.

They were still hiring people until this week. If this was planned ahead of time why cancel the globalcast randomly and why the immediate hiring freeze?

None of the lower level uppers have any idea what the he-l is going on. This seems like a quick last second decision. Video email at 1 in the morning less than a week after earnings? I truly do not understand.

GLOBALFOUNDRIES is not a “healthy” company on many levels. They can dress it up and hide it but only for so long.

On the street level they have habitually and chronically treated their employees terribly. Lies when they say transparency. The now well establish fake review/compass system. Promotions/raise system not aligned or synced to merit or achievements. So bad that we know have a reputation in the industry. The word is out.

It’s my belief that GF had always been like this and operating under these conditions just now a larger percentage of the employees are starting to realize it or are becoming vocal about it

1. . Attrition is high
2. . Need to reduce headcount further
3. . Announce layoffs without specifics
4. . This triggers increased attrition
5. . Reduced headcount accomplished without paying severance or violating WARN Act and not looking like cr-p for taking CHIP Act tax funded money.