Schlumberger cutting 10K - just announced - See the SLB thread here: @EJ9S5zv
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More layoffs coming to Baker before the end of the year PP to get hit hard again.
Schlumberger's president of operations Patrick Schorn said, "it has become clear that any recovery in activity has been pushed out in time." So they have to reduce the workforce now rather than wait for the recovery in early 2016. Halliburton and Baker Hughes will have their own right-sizing to do after the merger. $2 billion per year cost saving as a result of the synergy will hurt many more employees. Expect more mass layoffs in 2016.
My take-away: Schlumberger sees 2016, forward, as a much more gradual "return to normal" than does HAL, who seems (to me, anyway) overly optimistic as to just how quickly the service business will rebound. Since it's my nature to lean toward the conservative outlook, if Schlumberger is set to make further staff reductions, I'd say be cautious of Mr. Lesar's overly optimistic projections and plan for the worst. The HAL/BHI deal faces strong head winds (just in the approval for the merger, much less a bleak business outlook in 2016) and if it fails to take place, things could become very dicey.
Normally Schlumberger is the bellwether for the services industry. Halliburton and Baker Hughes will surely follow with their own layoffs.