Thread regarding ExxonMobil Corp. layoffs

October 14 finance forum

This is when they will tell us their plan to cut half of finance within the next 5 years. If you can do your job remotely or you have little interaction with other groups, your job is moving to a low cost country. More experienced hires to come in for management and remaining positions. My beloved controllers organization where I spent my entire career will be gone. Tax will be gone. Treasurers will be gone. It’ll be 1 single finance organization with a much smaller footprint.

It’s going to be wild seeing which executives get pushed out and which ones survive all the backstabbing. If you haven’t already been chosen, go make nice with your finance executive or you’ll be cut.

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| 1791 views | | 6 replies (last September 17, 2024) | Reply
Post ID: @OP+1uxuixpn

6 replies (most recent on top)

Absolutely finance will be moving to low cost countries but much sooner than 5 years. Exxon has to show that earnings are increasing and LCS is a drain on earnings, have to make up the difference somewhere else. With oil prices declining due to demand destruction and increase in supply from OPEC, the “perfect storm” is brewing that is going to pinch Exxon earnings. DW has to take immediate action to cut costs. Expect layoffs by mid-December. Exxon will keep late career folks who are competent and won’t push back on training their replacements in low cost countries, then those late career folks will happily retire with a nice pension. Remember, it’s not personal, it’s just business.

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Post ID: @1ljx+1uxuixpn

What is your advice for 20s-30s employees in finance?

  • HC10 finance employee
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Post ID: @1gtd+1uxuixpn

Could we just bridge the gap and get us early 50s out of here. This place is miserable .

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Post ID: @1jgl+1uxuixpn

Last year over half of Finance received 0% raise and now this.

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Post ID: @xxk+1uxuixpn

We still have finance?

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Post ID: @yxe+1uxuixpn

I personally don’t think they will ever mention targets like “half of finance in 5 years”. We’ll see if anyone is bold enough to ask for the numbers directly during the forum.

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Post ID: @umt+1uxuixpn

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