Party time at Chuck E. Cheese = LR announcements.
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@1ixf+1qxwqMK8 The severance packages include “voluntary resignation” as the reason for separation. Which doesn’t classify as a WARN Act triggering event.
Because not everyone will sign one, they’ll likely have to retroactively issue. But at that point, it won’t matter.
What is the problem? we have more than 50 states, Cisco only needs to file report at state of California, many employees already impacted every week at different states, by the time you find out those Cisco layoff reports already 1 year later.
For those in the US, is anyone checking their state's WARN notices? It seems like it would be hard to drop 20K employees without triggering WARN somewhere and that could help people better understand and plan for what's coming.
@1adv+1qxwqMK8, you are speaking the truth 500%. Please share more your ideas here.
“They've never done LR's between the end of the quarter and the earnings call. It's always just after the call.“
100% that is a lie. they did it in Q4. I was LR on July 16th right before the end of the fiscal year. People got canned this week. it’s already happening. Not saying it won’t be larger after the earnings call, but the work is already begun
Don't forget the 1 week long layoff in July for another shutdown!
To boost earnings estimates for 2nd half of year with declining revenues in Q1/2, the only way Chuckie can try and make Wall Street happy is to rip the band aid off this time and announce the biggest LR in Cisco history
If anyone thinks that there are not going to be layoffs before the Q2 earnings call, then you are delusional.
I must be delusional then. They'll announce the layoffs during the Q2 earnings call to make the Q3 projections look better and notify people the next day. There's only 13 days left in Q2, so there's probably not much point in doing anything between now and then as it takes time to create the numbers for the Q2 earnings call. They've probably been working since before they announced the additional "encouraged" extra 2 Q2 PTO days they want us to take off plus the first week of July on how much they need to cut in Q3, and how much OPEX "savings" it will be to announce in the call to appease the investors.
They've never done LR's between the end of the quarter and the earnings call. It's always just after the call.
This next 18 months will be like no other. Out of every three people here now, one will be gone. It starts after Q2 numbers call. Now is the calm before the storms.
Plan is to layoff 20K Cisco employees before Splunk deal closes
The office is eerie quiet this week.
my $1/slice pizza today tasted much better than those pizzas from Chuck E Cheese.
Crank it!
https://youtu.be/G4xg6WeB8_A?si=-dxy1vq6qS8ILVK1
Starting right now a whole bunch of Cisco deadwood will be put on fire...
Citigroup was my first job, 50% of them are deadwood...
A clue for the clueless: Cisco spent most of its development budget on bug fixing, and it wasn't the deadwood checking in the bugs. With deadwood Cisco just loses the cost of loaded labor. Cisco has individual anticontributors who have stalled programs that were to generate tens to hundreds of millions in revenue per year by years.
Starting right now a whole bunch of Cisco deadwood will be put on fire so that the ELT can stay warm in the winter. Then they’ll get Splunked all over. That $28 billion is gonna buy a lot of Spkunking time! Oh, I am so excited! Zabba zabba dooo!
If anyone thinks that there are not going to be layoffs before the Q2 earnings call, then you are delusional. Awful Q1, a Q2 that looks just as bad, bookings at an all time low...but hey guess what, we know ELT isn't going to take a pay cut. They would rather cut costs then cut their multi-million dollar a year salaries.
Yup managers were contacted to start putting together a report of people and their duties etc
JP Morgan Chase is doing exceptional well compare to Citigroup. People are still getting hired at JP Morgan this month, only companies have bad earnings are laying off.
Citigroup was my first job, 50% of them are deadwood contributing nothing to the company.
Layoffs are spreading nationwide. Citigroup just announced a reduction of 20,000. And Cisco already eliminated hundreds of its contractors before Christmas. They will now be focused on laying off permanent full time employees before the next earnings call on February 14th.
CHUCK E. CHEESE is making balance sheet looking nice for earnings call.
How many contractors in his team?
yup it is coming. A colleague of mine and their entire team of contractors got canned....and right before the Q2 earnings call....coincidence?