It is clear that Tom is using Layoff as an instrument to make numbers like good to Wall Street. Is not this end of the GF story then? In Globalcast only thing I got was that reduction will improve operating margin..really??? Does this mean that we all are just entities to improve the numbers?
In GF, we ki---d ourselves throughout pandemic to support the wafer outs for AMD, Qualcomm and Marvell in hope that we will get rewarded as this is probably peak for our biggest customer AMD.. see what happened?? We are being culled even at the best time :( .. am planning to leave as my real worry is that Company in absence of next node , will continue to struggle like previous Chartered Semi which was our parent company. Chartered had everything except next node and clearly we are going in same direction in US for GF what happened to Chartered in Singapore. My only hope is that someone will buy GF soon to make it survive before it crashes and dies it’s own death. GF will die faster due to cost pressure in coming days.
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Plain stupidity to think about funding from CHIP act and lost all major China business and see what it get GF into when demand is cut by AMD and Qualcomm.
Oh yeah the Resource Actions. Just rolling layoffs to manage the IBM stock price. Yeah Global management is former IBM management. They're going to do the same Resource Actions at Global. Glad I retired last year and am done with this company IBM Jr. Maybe it's better at Intel or Micron, but Global is IBM by another name. The future is full of constant layoffs at Global.
Also NY and VT (recent power utility) made major concessions to Globalfoundries with the goal of bringing more jobs to those respective states. That was their whole goal. But GF pulled a switch-aroo. SNEAKY fu--s. It will be interesting to see if we see one penny of the CHIPs act after this. When they are more concerned about the stock price then the actual company itself.
IBM did the same. It was called RA (Resource Action). Became a normal business practice, every year, coworkers were laid off while the company was hiring. There were no announcements, you only knew of lay off if someone affected told you.
Many of those managers are now senior Directors /VP