AM I NEXT? NO LOVE AT ORACLE (08/08/22)

OCTOBER 16, 2022 — 201 LAYOFFS IN REDWOOD CITY AND BELMONT CALIFORNIA

The company continues to reduce its headcount, this time with 201 employees laid off from its former headquarters in Redwood City and nearby Belmont. The layoffs include data scientists, developers, and marketing specialists.

AUGUST 8, 2022 — HUNDREDS OF LAYOFFS

The company has announced that it has laid off hundreds of employees this week as the business software provider prioritizes its healthcare IT services and cloud businesses

The job cuts principally hit staff at Oracle’s advertising and customer experience group that sells services to help clients analyze data about their customers and target advertising to those customers.

JULY 15, 2022 — ORACLE PRE-FLOATING MASS LAYOFF?

According to reports in the financial media, “Oracle is reportedly set to lay off thousands of employees in a bid to cut operating expenses by as much as $1 billion. The news comes barely a month after Oracle posted a 28% drop in operating income for the fiscal quarter ending May 31, 2022. IS THIS A RED FLAG?

DECEMBER 11, 2020 — MASS LAFOFFS AHEAD AS ORACLE MOVES HEADQUARTERS TO AUSTIN, TEXAS

Oracle has announced that it will be relocating its Redwood City, California headquarters to Austin, Texas.

According to a company spokesperson, “Oracle is implementing a more flexible employee work location policy and has changed its Corporate Headquarters from Redwood City, California to Austin, Texas. We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work.

“In addition, we will continue to support major hubs for Oracle around the world, including those in the United States such as Redwood City, Austin, Santa Monica, Seattle, Denver, Orlando, and Burlington, among others, and we expect to add other locations over time. By implementing a more modern approach to work, we expect to further improve our employees’ quality of life and quality of output.”

MAY 30, 2019 — CONTINUING LAYOFFS BEING DISGUISED BY ORACLE

Over the last few weeks and months, Oracle has laid off hundreds of employees at the Seattle office once viewed as the future of its cloud computing strategy, according to a report.

Business Insider reported last week that the Seattle layoffs affected 300 people and came as part of cuts across Oracle’s cloud teams said to involve as many as several thousand layoffs across the broader company. But the Seattle cuts are notable given the mission that group was assigned: to make Oracle relevant in cloud computing using talent from Cloud City.

An Oracle representative did not respond to a request for comment.

MARCH 28, 2019 — Original post…

Redwood City, California-based Oracle Corporation, the iconic database company headed by multi-billionaire Larry Ellison continues to re-position the company to capitalize on cloud computing and services. Oracle, like IBM, rarely announces reductions in force and continually explains restructuring activities in terms of transitioning to cloud computing. According to anonymous sources reporting on “layoff” websites, the reduction in force is estimated to be between 500 and 5,000 employees, both domestically and abroad. Not atypical for a company with an estimated headcount of 140,000 employees.

An email from Oracle EVP Don Johnson noted, “Today’s changes within OCI [Oracle Cloud Infrastructure} will better align with Larry's [Oracle Chairman and Chief Technology Officer Larry Ellison] vision of the business. It will streamline our products and services, focus investments on our most strategic priorities, and help us to more effectively and rapidly deliver the full promise and reach of Oracle's Gen 2 Cloud. OCI’s business is stronger than ever, and this team’s future is bright.” Of course, many of those terminated wonder why if the business is stronger than ever and the team’s future is bright, why they were laid off.

Like everything Ellison, sometimes reality is brutal and the company foregoes any measure of grace. Some managers were forced to eliminate team members, not knowing that they were the next to go after the task was completed.

According to WARN (Worker Adjustment and Retraining Notification) notices filed with the State of California, on May 21, it will permanently layoff 255 workers in its Redwood City headquarters, and another 97 in the nearby Santa Clara offices. Most of those laid off are said to be software developers.

Like all corporations, a company spokesperson provided the insincere corporate-speak: “As our cloud business grows, we will continually balance our resources and restructure our development group to help ensure we have the right people delivering the best cloud products to our customers around the world.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT MASONITE (10/02/2022)

OCTOBER 2, 2022 — 84 LAYOFFS IN WALKERTON, INDIANA

The company has announced a mass workforce layoff at its Walkerton, Indiana interior door facility.

The layoff will target up to 84 employees.

According to a company spokesperson, "We expect the employment loss at the Walkerton facility to be permanent. The reduction in force is the result of changing business needs in the region."

MARCH 22, 2019 — Original post…

Tampa, Florida-based Masonite Corporation, the iconic manufacturer of doors and components, has announced its intention to shut down its Tampa, Florida plant. The shutdown will result in approximately 60 employees. According to a company spokesperson, “The closure is the result of the need to consolidate our Florida manufacturing operations into a single site to more efficiently serve our Florida customers in an increasingly competitive market.”

In a previous announcement, the company announced the closure of its facility in Largo, Florida, resulting in approximately 35 layoffs. A spokesperson similarly noted, “The closure is the result of the need to simplify our network of door plants to serve our customers more efficiently in an increasingly competitive market."

The company is also relocating its headquarters to a 56,000-square-foot building in the Ybor City neighborhood in Tampa, Florida.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT GOLDMAN SACHS (8/31/24)

AUGUST 31, 2024 —UP TO 1,800 LOW PERFORMERS TARGETED

According to a company spokesperson, layoffs are customary following annual performance reviews.

Between 1,300 and 1,800 employees will be laid off in the coming months, amounting to 3% and 4% of the company's workforce.

“They are part of an annual review process known at Goldman as a “strategic resource assessment,” or SRA. Our annual talent reviews are normal, standard, and customary but otherwise unremarkable.”

JUNE 25, 2023 — 125 MANAGING DIRECTORS

Approximately 125 managing directors, including some in investment banking, are targeted in a cost-cutting initiative designed to align headcount with existing business trends.

JANUARY 8, 2023 — 3,200 NEXT WEEK?

Per Bloomberg…

The firm is expected to start the process mid-week, and the total number of people affected will not exceed 3,200, according to a person with knowledge of the matter.

More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts. The firm is also poised to unveil financials tied to a new unit that houses its credit card and installment-lending business, which will record more than $2 billion in pretax losses, the people said, asking not to be identified as discussing private information.  

DECEMBER 12, 2022 — 4000 EMPLOYEES TARGETED FOR LAYOFF

Goldman Sachs Group may eliminate as many as 4,000 employees or roughly 8% of the workforce as they execute their cost-cutting initiative.

CEO David Solomon noted, “We continue to see headwinds on our expense lines, particularly in the near term. We’ve set in motion certain expense-mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble, and we will size the firm to reflect the opportunity set.”

Chief Executive Officer David Solomon needs those cuts to offset their declining revenue and profits.

DECEMBER 12, 2022 — 400 EMPLOYEES TARGETED FOR LAYOFF

The financial media is reporting that the bank is “drafting plans that could eliminate at least 400 positions from its loss-making retail banking operations.”

OCTOBER 18, 2022 — REORGANIZATION

Goldman Sachs is planning another major corporate reorganization that will see its four main divisions (investment banking, global markets, asset management, and consumer and wealth management) collapse into three divisions, with the consumer finance operations being split between two new divisions. Layoffs ahead!

SEPTEMBER 28, 2022 — LAYOFFS BEGIN

As dealmaking slows down in a cautious stagnant economy, the company is starting to reduce the headcount in its technology, media, and telecommunications division — with the consumer retail, health care, and industrials divisions also on the chopping block.

This is not unusual behavior at the investment bank as they customarily release one to five percent of their underperformers each year to make way for new recruits with promise.

According to a spokesperson, “Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment. We continue to remain flexible while executing against our strategic growth priorities.”

SEPTEMBER 12, 2022 — PREPARING FOR LAYOFFS

The company has announced that it will be responding to the downward economic trend with a series of cost-cutting measures and a reduction in force in accordance with its annual performance review process.

In July 2022, Goldman’s CEO David Solomon noted, “No question that the market has gotten more challenging. We have made the decision to slow hiring velocity and reduce certain professional fees going forward. We are keeping in mind, however, that while we’re being disciplined about our expenses, we are not doing so to the detriment of our client franchise or our growth strategy.”

MARCH 18, 2021 — GOLDMAN “QUIETLY” MOVING STAFF — PREPARE FOR RELOCATION LAYOFFS?

The company has announced plans to relocate a portion of its asset-management unit to West Palm Beach, Florida. It appears that the bank is quietly seeking volunteers among investment professionals and key support staff for the move to lessen the number of people who will be laid off during the formal move.

The move is part of a cost-cutting initiative and the company’s move to cheaper quarters outside of the tax-and-spend jurisdictions of New York. There are similar relocations to Dallas, Texas.

SEPTEMBER 30, 2020 — LAYOFFS RESUME AFTER COVID-19 MORATORIUM, 400 POSITIONS TARGETED

Goldman Sachs announced that it has resumed the layoffs targeted by their annual review and approximtely 400 positions will be eliminated. This represents approximately one-percent of their current workforce.

Consider also, that high-performance financial institutions routinely cut between five- and ten-percent of their lowest performers to make way for new and promising hires who will often act as analysts (slave labor) for more established and profitable traders.

APRIL 17, 2019 — UP TO 96 JOBS.

According to a WARN (Worker Adjustment and Retraining Notification ) filed with the State of New York, 98 employees will be phased out for “economic reasons” between May 29, 2019 and September 28, 2019. according to a

Original Post…

New York, New York-based Goldman Sachs Group Inc. announced their annual restructuring and rebalancing effort which will probably result in a reduction in force of approximately 65 jobs from its New York operations. This should come as no surprise as the firm routinely cuts approximately five-percent of the staff annually to create space for new employees. Since Goldman CEO David Solomon who replaced legendary Lloyd Blankfein last year, the entire operation has been under review. If there is any lesson to be learned, it is that employees, even top employees, working in an under-performing area are at risk, those working for a company known to prune staff periodically are doubly at risk.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?