When companies are cutting into the bone while still reporting record profits, we should take their excuses with a very large grain of salt.
Excuses
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When companies are cutting into the bone while still reporting record profits, we should take their excuses with a very large grain of salt.
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I worked at Bear Stearns when the company was making record profits. We repeatedly had layoffs during the best of times when the markets were surging. We were outsourcing to India as well. We were using more and more consultants and even interns for a time but even they were getting cut in the end. They would take one department and fire half it’s people. Then two guys from that department would come to ours to teach us how to add all their duties to ours. The leftovers would be scattered among other departments sometimes completely unrelated to their previous duties where they were told they could “sink or swim”. Then they would move on to the next department to “Collapse”. One day our boss told us frankly that the word from the top was that we were going to cut and cut and cut, right down to the bone. And when they found that they had cut too much, THEN they would pull back a little flesh on to cover over it. All that flesh and all the cutting, that’s people.