is a fool.
Even if you have survived this round of cuts, it will be hard to survive the next rounds coming later this year and for surely in 2024, 2025, 2026...
If you are shocked that 3M has announced mass layoffs twice this year already, by April 2023, get ready for more shock and trauma moving forward.
Once spinco is formally separated, remainco will be left with approximately 25 to 30 percent less revenue and 30 to 33 percent less profits. Plus the lawsuits, which seem to be growing in liability with each passing month still remains unresolved.
Since upper management has zero clue about how to grow any big sized business, let alone 3M as a whole, you can bet your ar-e that more substantial cuts are a surety. Only question is how severe and timing.
Of course Humpty Dumpty M Vale will take the podium and say that they should have been more decisive, more deliberate and more strategic even earlier, just like he said in SIBG town hall Apr 2023! More cuts should have been done earlier....will be the proclamation. Instead of 8500 in 2023 we should have done 15000 plus....you get the idea!
Get ready for multiple (3x or more) layoff announcements from 2024 onwards! You heard it here first.
Cheers and hope you are enjoying your JD this weekend.
Legal mari--ana in MN could not have come at a better time.
So long..