They had to cut because PM said there would be a reduction of expenses and the bankers have to see something. It's a show, there is no way they can cut their way out if this. Look how much they spend on interest alone. The good people have already left in the past few years, the management that is there cannot see the forest for the trees. They do not have the vision or the innovation to pull it off.
So much this, @PnBPi7l-2zfv. It's easy to cut people, but that's only a very short-term solution. Chicago Bridge and Iron is in desperate need of a concrete, long-term vision that is not based on same old crap. Unfortunately, with this leadership we will not see it happen.