https://www.businessinsider.com/broadcom-vmware-huge-layoffs-acquisition-2023-8
65 replies (most recent on top)
So nothing ‘confirmed’ then. Just utter trash click bait “journalism” to stoke people’s fears and anxieties
Waiting for the email from Raghu telling us all to ignore the press and rumors. To listen to only him and the executives as the real source of information, and to get back to focusing on the main thing, just like he did last time before this Broadcom debacle started.
Layoffs aren’t even a secret. Hock said himself there’ll be layoffs on his first meeting where he joined an all staff just after announcement.
Yep, with both prior acquisitions Broadcom notified employees well before the actual close. There is absolutely no reason to believe they are going to do something radically different with this merger.
It's also naive to think that Hock does not have more internal info from the FTC that the public has, there must be communication already that something positive is imminent late Aug even though FTC can't make any public comments.
"Don’t expect letters before the deal closes, only when it does." @ftl+1nVdyvQg
This person has no idea what they are talking about. Both with CA and Symantec's acquisition, people knew their fate before the deal closed. My goodness people say some stupid things on this forum with zero knowledge or information about what they are talking about.
So Broadcom will "jump the g-n" on FTC and China approvals and issue offer / severance letters before receiving approval?
....... Everything will be lined up and ready to go. CMA have until 12th Sep and would be surprised if it takes that long given date for any preliminary approval challenges is the 8/9, a few days away.
FTC may not be too far behind given time is ticking quickly
Additionally, nothing stopping redundancies before merger day 0 as soon as regulatory approval is done.
If I was Tan, I'd want redundancies made on vmware books. I can package it better to shareholders that way.
Let's call it - while we, as part of the general public don't know until official announcement is made, people like Tan / Magoo will know prior.
This whole experience feels tiring like death by a thousand cuts... At this point I just want this over and done with, collect my separation package and move on.
Don’t expect letters before the deal closes, only when it does. Then the streets will be filled with blood. Elon has only made Hock stronger. You know Elon hasn’t paid severance for employees that were fired… nor rent. There is lots of room to be an àsshole here. Let the good times roll!
That which does not ki-l you, makes you stronger.
Folks, you had more than one year. No whining. No one ever said jobs were safe, but the exact opposite. Why do you think all those BU leaders left? They know the biz, they know what is coming.
What about the turtles?!
Back to focusing on the main thing…so hard, I get distracted, but Magoo’s advice is so powerful, so helpful, so calming. Thank god for leaders like him, $50 million is not enough. I hope he makes it through this all right.
So Broadcom will "jump the g-n" on FTC and China approvals and issue offer / severance letters before receiving approval?
Offer and layoff notices are given before anticipated close so Aug 31 makes sense.. this is how it happened with the CA acquisition as well.
Good luck to all, stay positive.
"Lol, they are going to destroy this company based on what they are doing to employee morale. Wonder who leaked this inside information to Business Insider."
There will be no company for Broadcom to destroy since VMware will no longer exist as a company once we are acquired.
"Something‘s not right about this article. Very unlikely that the merger will be done and dusted on August 31st. Even more unlikely that VMW will announce mass layoffs before the merger is done."
Something's not right about your post, and your speculation seems uninformed and inaccurate.
The article did not say the deal would be done and dusted on August 31st. It's saying people will be notified about layoffs then. Considering Broadcom is anticipating the deal close by October 31st; August 31st layoff announcements would be logical to give people at least 2 months WARN notice before close. People who are being kept should also hopefully see offers from Broadcom during that same window as well.
How safe are the sales team and sales leadership? Not very safe...
I don't see any insider information here. Everyone knows that there are going to be large job cuts and it's been expected since day one.
Despite all the warnings, some people in vulnerable roles and groups have convinced themselves they are safe. They believe that Magoo and Betsy will teach Hock a thing or two about "the main thing" and DEI and things will stay the same. If you are one of those people, you are in for a rude awakening.
Something‘s not right about this article. Very unlikely that the merger will be done and dusted on August 31st. Even more unlikely that VMW will announce mass layoffs before the merger is done.
nothing new here we knew this already
Stop and breathe folks, this article says nothing new.
Everyone knows layoffs are coming, BC have been very transparent about that from the outset. Everyone also knows that duplication of functions are also the most likely to go first. So with an anticipated close date of 31st Oct, and required regulatory notices, then a not very educated guess would tell you things need to be announced around end August.
And all of a sudden an ‘anonymous source’ says ‘may’ and ‘could’ with regards to lay-off announcements in a click bait article behind a paywalled news source that’s nothing more than some high school ability level of speculation and rehashed content that’s been used dozens of times before.
At best it’s exactly what many knew could happen and should have been preparing for the last year, at worst it’s gutter journalism playing on peoples fears. It’s going to get rocky the next few months for sure, but don’t let this sort of article stoke FUD.
Lol, they are going to destroy this company based on what they are doing to employee morale. Wonder who leaked this inside information to Business Insider.
Given that VMware has over 50% non revenue admin and management staff I think the cutting of these folk may not have much impact on the business. Big cuts to the deadwood day one then the rest over 6 months. If you’re an M level staffer, biz admin or sales rep I don’t think your career prospects here are very good. Personally I never saw why those folk are trying to hang onto their jobs given the red flags we’ve seen over the last year. For the rest of us, I guess they’re the cannon fodder we just need to keep low and hang in there.
https://archive.ph/wDZXp
It's unfortunate if August 31 is going to be the date, that's in 27 days from now, didn't expect it to be this quick.
Wondering if they give 60 day notice on Aug 31, I e. Last working day will be Oct 31 which coincides with close of fiscal year.
"Broadcom is planning drastic job cuts at VMware as its acquisition of the cloud company nears completion
Broadcom is planning drastic cuts of VMware's non-engineering staff, sources told Insider.
Broadcom is currently preparing to close a $61 billion acquisition of VMware.
Employees have been expecting layoffs after the deal closes, Insider previously reported.
Broadcom is planning deep job cuts at VMware, focusing on non-engineering jobs, according to two sources familiar with the matter.
Broadcom is currently preparing to close a $61 billion acquisition of VMware. The European Union and UK recently gave Broadcom conditional approval to go forward with the deal, while US authorities are still reviewing it. Broadcom expects the deal to close in its fiscal year 2023, which ends this fall.
These layoffs may be announced around the time when VMware announces its earnings on Aug. 31. In particular, the cuts are expected to impact non-engineering roles where the two companies share services, the people said. They asked not to be identified discussing sensitive matters. One of the people said the job cuts could get really deep.
"While we expect Broadcom's acquisition of VMware to close within Broadcom's fiscal year 2023, integration planning is not complete, and any rumors about post-acquisition plans are both speculative and premature," a VMware spokesperson said. Broadcom did not respond to requests for comment.
VMware had about 38,300 employees as of February, while Broadcom had roughly 20,000 staff in October 2022, according to SEC filings.
Broadcom CEO Hock Tan has led the company through an acquisition spree in recent years, and he has not been afraid to conduct sizable layoffs once deals close. He chopped thousands of jobs after buying companies including CA Technologies and Brocade.
VMware employees have been expecting layoffs once the deal closes, and Broadcom leadership previously told VMware staff that it wanted to make the company "lean and flat," as Insider previously reported. Already, several executives have left VMware.
The deal has led to some uncertainty among customers. Employees also said there may be a culture clash, as Tan has hinted at an end to remote work. Many employees speculate that Broadcom may spin out or sell VMware's cybersecurity and cloud units."
https://www.businessinsider.com/broadcom-vmware-huge-layoffs-acquisition-2023-8
Can you post the text of the article as I am not subscribing to Business Insider.