I haven't heard of any people being laid off yet and there is only one week left in December. We all know layoffs are coming, but isn't it more likely that they will wait until next month or February rather than try to get it done right after Christmas? That seems unnecessarily cruel to me.
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Any guesses what the % will be this time ? They mentioned 10-15m cut so that means roughly 10% ?
They had an internal town hall call the day after the earnings (Dec 20th) but given the holidays, not very many people attended. The call was recorded and published on the internal internet however on Jan 2nd when most folks came back to the office, the video was taken down and folks had to individually request access to it. 10K people are expected to individually request access? Numerous senior level people asked why this was but so far no answers have been given despite the Sr Communication Specialist being a part of the thread. People with careers spanning nearly 20 yrs haven't seen anything like this.
Its been well known and shared in earnings calls that FactSet is continuing to shift work towards low cost centers and invest heavily in AI which increasing margins with decreasing revenues. The last layoffs were conducted in July and Aug of 2023 at which point the CEO stated that the layoffs were completed.
Yes. Very cruel. They said as much during the earnings call. We’ll probably know more in February or March.
Wish they could just shift people to new projects that they see as valuable instead of laying people off.