Thread regarding CVS layoffs

To the person who posted "lol to the person saying stock price was triple digits for Aetna… stock price =/= market cap. CVS had a higher market cap than Aetna pre acquisition…. ". I've worked for Aetna for 34 years and so have many many other employees because it was a great place to work until CVS got it's hands on it. And about the triple digit stock price, out stock split twice before the acquisition. How many time has CVS stock split? They should have just left our companies separated. CVS is clueless about running an insurance company and driving this place into the ground. All of the "legacy" Aetna people who have been here for 20-40 years are now leaving. And the place will be left with no one that knows what they are doing. Everyone has had enough of this mess and management doesn't seem to care one bit. So sad for everyone.

Why they will let dying pharmacy company buy insurance company . Specially everything is online Walmart kick there a-s.

There aren’t any WARN notices yet. I expect some downsizing due to stock prices etc. but nothing has been filed yet.

I was informed by my supervisor on Friday that my name is on the August Layoff List. I was told not to be surprised when the next meeting calls in with an HR Personnel.

Does anyone know if the sales force will be apart of the layoffs? What is the typical process?

CVS could be a great company if they had better management and better training for all.
After all the patient /customer should get the best!

Funny how the middle managers talk about the volume of work we need to do, how we’re understaffed, and offer us overtime that skirts around FLSA. Yet, these non-medical providers are reaping the benefits of our hard work.

https://www.beckerspayer.com/payer/how-much-of-a-bonus-did-aetna-s-ceo-receive-this-year

Yet, they want to cut 7k employees and reward themselves while we accept these pay raises that are less than a dollar an hour. Just look at how dismissive they are of us during these “town halls.” Am I the only one infuriated that these non-medically trained/less educated Congress of monkeys continue to take more and more. Yet give less and less?

only 27 in NY for Omnicare. Not sure where the 7k came from.

CVS is filled with managers who are Post-Turtles.
‘When you’re driving down a country road and you see a fence post with a turtle balanced on top, that’s a post turtle. You know he didn’t get up there by himself. He doesn’t belong there; you wonder who put him there; he can’t get anything done while he’s up there; and you just want to help the poor, d-mb thing down.’

Oh thank God!

I can confirm that everyone needs to buckle their seatbelts. More layoffs ahead. Heard it with my own ears.

Omnicare was always unprofitable and are we overthinking without references to the 7K number ? The 27 jobs on the WARN notice are part of Omnicare, looks like.

One that saying A&BC people need to go..
Look like grapes are sour for you my friend. Are you the one from legacy system who does nothing and su-ks in alll aspects?

Aetna used to be such a great company to work for… CVS buying it was the absolute worst decision and the entire company is a sinking ship. No one, and I mean no one that I’ve ever talked to has anything positive to say about CVS. I called this sh-t a year ago and was quite vocal about it. No wanted to believe it. You can’t change the company but you can leave. The grass is way greener on the other side in this scenario.

To the person who said Karen will be retired on the beach soon she doesn't care. You are 100%. This is exactly what mark bertolini did to Aetna. Sold us out for millions then retired. Left long term Aetna employees in the dust while he posted about all his travel adventures on Twitter. Employees need to start voicing their opinions louder and get in their faces in meeting. These million dollar salaried employees need to feel the pain. Why so many levels of management? So unnecessary.

Love how someone is mad about $15 million in affordable housing. Lol $15 million in expense on the enterprise level is a speck of dust.

Generating 350 something BILLION in revenue and making 10 or so billion in profit…. Means expense is like 340 BILLION. lol are you are talking about 15 million. lol 0.004%

Lmao my last company I worked at for 5 years and they went through 4 rounds of layoffs in that time. Made the news every time, the execs do not care at all. I mean think about it Karen is going to be retired on a beach somewhere in 3 years ( hopefully less), you think she cares if she ruins morale with layoffs?

Many extremely large corporations announced more large rounds of layoffs after an initial one. To those saying it won’t happen because one just happened don’t seem to be aware of their surroundings

Lot many people in A&BC need to go. Almost everyone making 6 figures and majority of them are not creating any tangible value for the company just excel sheets and PowerPoints. I know this because I am one of them

CVS is laying off people because the ship is taking on water. The problems are worse than everyone thought. Worse than even CVS realized, and unfortunately cost cutting is the only thing corporate knows how to do when stuff hits the fan.

You’re proving my point you know nothing about business. A company would not layoff 5k last year then turn around less than 12 months later and layoff another 7k. The visibility would do more damage than the savings they would have from the layoffs. The stock would go down another 50%, investors and advertisers would dump them, companies would drop the PBM and Aetna. Yes, I would bet $ on it. They will not layoff 7k in or by August

This is a typical knee-jerk reaction by CVS. Always looking for a quick short-term solution to every problem. Except all that does is cause more problems. Laying people off and cutting hours at the store level to make up for a bad financial quarter, is like putting a band-aid on a g-nshot wound. It's not going to help, and it'll only make things worse. CVS is simply just looking for a quick-fix cost cutting move, to show Wall St., they're still in control of things. Now that might give you a quick sugar rush burst of energy, like eating of bunch of candy, but what happens when the sugar high wears off? And to be fair Wall St. analysts have already started to give CVS the side eye, so obviously they're seeing the problems are slightly worse than expected. So what does cvs do? Quick, cut hours and lay people off, that'll help stabilize the ship. And once again CVS putting a band-aid on a gaping wound. We need long-term solutions, not quick fixes that do nothing but cause even more problems.

Love how delusional the person calling out OP is. They literally eliminated 5K last year with being nowhere close to bankruptcy? Like dude, what are you smoking?

To the comment below. Are you asking to wager @$$?

This is an ignorant post from someone that knows nothing about business. They would never do this unless they are close to chapter 11. Would the original poster like to wager $$& on this?

I wouldn't be surprised if this were fact. Their solution to having a bad (aka overestimated) quarter is to shrink the number of employees even more when some teams are already short staffed...

As soon as the company went far left things went to he-l. Period. Go woke go broke.
Aetna was a top tier company. Agree Karen is making bad decisions at the cost of employees. One, 15 million in affordable housing. Leave that to the State and Government.

The list is already made. They had an all senior management meeting in Dallas in March. That's when they had to give names. Pretty sure I'm on it If we're not notified end of May we'll find out end of August My guess is we'll get notice the day after Memorlal Day.

lol to the person saying stock price was triple digits for Aetna… stock price =/= market cap. CVS had a higher market cap than Aetna pre acquisition….

However it’s quite clear legacy Aetna has been in charge for a few years now. Chairman of the board (not Karen) is legacy Aetna. Karen obviously legacy Aetna.. all former cvs people in the c suite have been turned over. Only 1-2 legacy cvs people on the board left and a lot more legacy Aetna still there… its been this way for like 3 years now…

Retail performance beat budget last quarter… meanwhile the underwriters in Aetna clearly getting things very wrong. Can’t blame old (gone) cvs management for bad Aetna underwriting under leadership coming from Aetna on cvs…

Decisions last year were made in May/June. My manager had asked me about our team's case loads, which I tracked. I did not think much of it at the time since we were assured we were making the organization money and were running lean. Well, we were, or I was.

Here we are 1 year later, history repeating itself...

Aetna being purchased by CVS was a nightmare on so many levels. Not to mention adding in the mis management by KL, has destroyed what was a really great place to work, and financially stable. I believe ALL employees have paid the price, but Aetna employees were affected unnecessarily. Once again, collateral damage for terrible leaders that make catastrophic decisions.

this is omnicare

Aetna should be seperate from CVS. Aetna should have never been bought out by a junk company. Our stock was in 3 digits. CVS should layoff their people. So far behind the times with their outdated apps. It's pathetic

I just viewed a WARN notice filed by CVS in NY state on 5/15 saying that 27 people will be laid off there this coming August. Guess its starting all over again...
https://dol.ny.gov/system/files/documents/2024/05/warn-mohawk-valley-cvs-health-dba-omnicare-of-new-hartford-5.14.24-2023-0349.pdf

Announced in August or announced earlier with a termination date effective in August?

remote engineers safe for ever, we were told , company will bounce back, to take time off for summer and come back Sept with a bang, better pay, higher bonus .

I believe it. Why not given they let 5k go when financials were great?

Decisions are being made right now of who will be let go.

Why do you dime store trolls hate Aetna so much?

How do you know this?