#attrition

Wondering how many CNE folk are trying to jump ship this round. Should be a good indicator of how close we are to sinking that boat. We were slow to jump in after BP and Shell had first tried to float their low carbon, low IQ portfolio’s. BP threw their ambitions overboard with thier CEOs, as they were going “too fast too soon”. Perhaps we will continue to be followers in the wake of our cross Alantic competitors.

Another senior exec jumping ship and leaving the company. Do they know something we don’t?

SM Energy needs to give people room to breathe because everyone is overworked. With AI and automation available the company should be helping employees. Not increasing their workload. the IT team needs to be rebuilt because people have stopped asking for help, knowing it is often faster to fix things on their own. all the strong it talent keeps leaving and what is left is undertrained and inexperienced. good people need to be kept instead of replaced with hires who require more training.

Mgmt should be cleaned out because the culture is struggling and expectations are unclear. communication from the top doesn’t always filter down and it makes the work harder than it should be. slow down, be upfront with expectations, and remember that client needs should guide the work.

Summary below and I encourage people to think carefully before applying:

• punitive approach: managers overreact to minor mistakes, pushing them harshly. Fear runs rampant.
• hostility: bullying, gossip, cliques are widespread and allowed. Leaders sweep serious issues under the rug.
• favoritism: certain employees receives special treatment.
• unfair expectations: you're over capacity, with unreasonable workload and no resources. Deadlines are always urgent.
• Lack of recognition: leaders routinely steal credit for others accomplishments.
• Limited growth: again favoritism plays into it, if you are not in the club no promotion for you. You will not have career development.
  So glad I got out of this hole. At some point, you need to respect "yourself" as a human being. This company is not a place for it.

Mid 40 s in age now and looking at next roles. Nothing of interest left. We no longer work on anything cutting edge. Expat roles no longer properly compensated. I can’t believe how far the company has fallen. There is nothing interesting left for roles. Time to leave #EXXODUS

Why are so many leaving. Are these silent LRs

Summary below and I encourage people to think carefully before applying:

• punitive approach: managers overreact to minor mistakes, pushing them harshly. Fear runs rampant.
• hostility: bullying, gossip, cliques are widespread and allowed. Leaders sweep serious issues under the rug.
• favoritism: certain employees receives special treatment.
• unfair expectations: you're over capacity, with unreasonable workload and no resources. Deadlines are always urgent.
• Lack of recognition: leaders routinely steal credit for others accomplishments.
• Limited growth: learning is discouraged. You will not have career development.

So glad I got out of this hole. At some point, you need to respect "yourself" as a human being. This company is not a place for it.

Let’s stop pretending; our talents are leaving not because they don’t love，they are leaving because they are not loved. If we don’t fix our mindset, we will be exporting our brightest - absolutely free of charge…

We’re literally down to bare bones now, without anyone who truly knows all the ropes. Over the past two years, skilled veterans have been disproportionately targeted. I don’t even think it’s about age. More likely, it’s because good work and accumulated experience come with a price. Tomorrow, leadership will have no right to complain when there’s no quality work coming out of their organization. You get what you pay for. What short-sighted a--hats.

And it’s only going to get worse. Anything management can do to make it more miserable, more difficult to comply with, more absurd or outright humiliating, they’ll do it. Because no matter what they’ve claimed, the real goal of RTO has always been the same - to make you quit. Pure, distilled attrition.

About two weeks after I got the axe, I started receiving emails from temp agencies for my exact job, only at $6/hr less.

How have the hiring trends been at the firm lately or is there still lots of retirements and attrition ? So glad I took the lump sum at the end of 2021. Hope the pension gets funded and restricted lump sum is not on the horizon.

What the he-l is going on with GNAL?? Have a ton of people quit or been laid off or is this just due to the new system? It’s been terrible for the last 2 months and we have no connection with our teams to know what’s really happening. Are people being laid off?

Anybody have the inside scoopetypoop?

They’re on here playing on your experiences and gaslighting so FLD can keep selling $XX million of whatever stock and direct f5 to an oblivion of fake setting the bar shenanigans. Get out. Just leave. Then go tell your story on LinkedIn even if under a mock profile.

The place is effed and you’re effed if you care about staying there.

GET OUT NOW BEFORE THEY SEND YOU HOME

Another team lift out in Denver. Nothing to see here folks. Also, a PM left the twin cities.

Senior leadership is doing a bang up
Job.

I commend all the ones finally leaving Walgreens, there are a lot more than I thought would leave without being forced out. You have my full respect. You will be so much better off regardless of what you decide to do in life. For the ones that drink the kool aid nonstop and will never leave unless forced to, you get what you deserve. It's the best you can get is Walgreen's. Says enough.

One after another, all members of Pershing’s technology leadership team were either let go or resigned. Leadership positions have since been taken over by individuals from BNY Wealth and Albridge, many of whom lack a solid understanding of the business. Their actions are causing significant issues, and I hope they recognize the problems before the situation becomes too big to recover from.

Why does Cash Vault have such high turnover? They are contract workers, so they don't get displaced, but it seems like they come and go so quickly.

the 6,000 job cuts will take years to implement, probably until 2028, reductions happening in phases and by department.

dpt heads are given budget cut targets, this translates into headcount cuts, and then negotiate internally on who to cut and when. notifications can be staggered, and different dpts are on different schedules for cuts...

early rounds will target experienced and highly compensated staff...

the potential later re-hiring at lower levels or on contracts.

some sites may be closed and infrastructure may be reducd.

commercial teams are suspected to be next to be hit, with a WARN notice filed for rahway (that is linked below) affecting 58 people in 11/2025 (as part of the first round).....

contractors are already being let go, nobody is surprised. some are not being renewed, also no surprise...

the reduction goal is ~8%, and attrition will account for some cuts, the weak job market means fewer voluntary dptrs.

comms from mgmt is bad bad...

IDM 1.0 Product groups benefited from having access to lead nodes (ahead of what other companies could access), to the point that the fabs were run as a loss-leader, with max emphasis on output and yield over cost.

This led Finance to grind their teeth but no one cares about that.

It seems clear that external customers want Floundry to be a separate company from Products, because of the concern over IP sharing and wafer start conflicts.

But that leaves Product groups with low margins when they rely on lead nodes from TSMC. This is because they no longer have pricing power and that will only worsen over time as x86 is supplanted by ARM.

So Product groups NOW need Floundry to be a more cost effective supplier TSMC (and close to leading node). This was the point of IDM 2.0.

MJ tried to mumble something about this in a more positive light, but the reality seems clear enough.

What this likely means is deep cuts in Floundry spending, as that group gets real about the capacity needed for the pace of customer onboarding which is possible.

The pushout of Ohio and halting of other projects shows the effort is underway to rationalize capacity to demand.

Pat was pushing to do a full buildout, which only made sense if he was able to bring high volume customers onboard.
A smarter approach would have been to do no greenfield projects.
Just add a few mods and wait for customer growth to justify Ohio and Germany.
This is what appears to be the current plan (much to Pats deep chagrin)

Next is to slow down the ramp, and stop building speculative capacity.
The company has being driven into the ground by reckless expansion and it must stop.

So at the existing facilities, that means fewer tools, which means less headcount. Attrition may be sufficient.

It seems possible that a few HVM fabs could be spun off into an independent company, to satisfy external customer concerns.
Considering how few customers there are, that could just be at one site, like Ireland or something.

For Product groups, it is way past time to stop projects and groups that have no roadmap to profitability.
Because that x86 market share, it ain't coming back.

If Product groups need the combined margins then they will have to retain some fabs in the same company, and likely TD as well, in order for it to be funded.

So the big surprise of 2025 may be that the company is not particularly broken up, but that the fabs are broken up, in order to sustainably serve the needs of internal and external customers.