Thread regarding Comcast layoffs

GAAP forces companies to take the entire severance expense in the month (quarter) the event occurs in, regardless of how long the payments go on for.

$1b in Q4 includes all future severance payouts in totality for everyone impacted this round. But nothing for any layoffs in future quarters.

They are doing is upside down and backwards, They have a lot of employees that are willing to leave why not start there first, Comcast never takes logical steps that’s why they are in a failing position

Not to be pedantic, but it's not $1b in cost cutting or savings. They're spending (or committing to spend) $1b.

"Comcast Corp. plans to cut jobs in its cable, broadband and wireless business and expects to take a charge of more than $1 billion in the fourth quarter."

Field techs are safe

$125k seems low. factoring in benefits and stocks grants it probably costs more - particularly at higher levels. this round primarily impacted dir+. but I also agree more layoffs are coming and hearing Q'1 round will include entire teams of ICs

The 1,000 number is a small amount of the total impacted. So many people that are virtual or at the region level were laid off. I wouldn’t be surprised if the number is 5-10k. And this is from last week’s wave 1 with way more to come.

The regions are where the numbers will stack up, no? This company has 180k employees. Pause for a second. The percentages will not come from HQ, but of course will apply there too. The question is how many regions, markets, techs, managers, just got culled and aren’t hitting folks looking at a WARN tally from Denver, DC, and Philly. The impact here is far broader and will continue across the entire nation so as to avoid the major publication scrutiny that usually comes with this all…

Someone mentioned earlier, and I believe the number, that the actual number of impacted folks this round was close to 3,800. Its way more than 1,000 and its also telling that many folks impacted are not applying for replacement roles opened. Not only are we forcing talent out, people are refusing to even attempt to stay.

You seem to forget how much the McKinsey restructuring contracts are, which make up almost half of the $1B and are expected to be paid in Q4

There were a 1000 layoffs subject to criteria that required them to be reported to the state for WARN compliance. But there were many others that did not require filing with the state. The true number of layoffs was probably in excess of 5000.

There have been layoffs going on for years. They’ll keep coming snd getting bigger and more frequent if the c-suite doesn’t figure out the company direction and strategy.

Has anyone seem anything concrete to stand behind Cavanagh’s quotes?

“The competitive environment demands that we execute at a higher level, move faster, and operate more efficiently,” said Cavanagh. “…We’re taking decisive steps to change how we operate, structurally improve our cost base, and create greater capacity to invest in growth.”

@a7 I was severed along with a bunch of my co workers from remote location. We were all given WARN notice

@OP Looks like WARN notices needs to be given only when 50+ positions are eliminated at single location. Many virtual roles, field roles were not part of WARN notices. Though it will add some numbers across, it gives the feel that for another wave.