Rumors have been trickling out of Global Crossing since late last week that there has been a round of layoffs at the company, including but not limited to several comments left on this site. There has been no official word out of the company on this subject just yet, but it does appear that something is going on. How many? I’m hearing 3% or so, i.e in the neighborhood of 150 people. Where? Across the board it seems. Why? Still working on that one, but at first blush it sounds like your standard corporate belt-tightening-to-make-the-numbers-better headcount reduction. If I get more information, I’ll post it here.
If true, then good luck to all those affected, I hope each of you lands on your feet. The good news is that it doesn’t feel like an industry-wide trend, meaning that there are others in the sector that are probably hiring.
If you haven't already, please take our Reader Survey! Just 3 questions to help us better understand who is reading Telecom Ramblings so we can serve you better!
Categories: Information · Internet Backbones
Join Our LinkedIn Group
There are layoffs at Global Crossing. You have the numbers wrong though. Its 500 being let go over 6 weeks so they don’t have to report it to wall street. And they have cut the capex budget by 50% as well. Why is the question? They are being very quite about it even to thier own employees.
Those Wall Street rabble rousing trouble makers could have made it easier on them! Ask enron. LVLT doesn’t have enough “skin in this game” to save GLBC’s bacon, it appears.
The key question for inquiring minds is, was this “EFFICIENT”?
http://finance.yahoo.com/q/bc?s=LVLT&t=2y&l=on&z=l&q=l&c=glbc
Watch the (not so well balanced) Balance Sheet. No shareholder’s equity. Negative Net Tangible Assets. Largest tangible asset is $1.2B in property plant & equip. But forget gaap book – what is it really worth to a creditor or buyer? No ROE? Does Levered free cash flow leave enough $$ for capex and related working cap?? Hmm.
If I understand you correctly, Anon, assuming I put on my wicked Senator, Jay Rockefeller Warlock hat, at the same time pondering Global’s criminal enterprise, one born from a Clinton/Winnick relationship/era in order to “nation build” communication lines so that dirt cheap Indian labor or elsewhere might “do the jobs, Bushwacker’s Americans don’t want to do,” for companies like AOL, Dell and others, then, “There’s a little bug inside of me which wants to get Wall Street to say to Global’s revived ZOMBIE owners, ‘Out. Off. End. Goodbye.’ It would be a big favor to America; to our ability to advance the American peoples’ REPUBLIC, to be able to VIDEO each other without fear of repercussions and cause real change in their government and, more importantly, in their future.”
http://www.newsmax.com/InsideCover/sharpton-fcc-limbaugh-fox/2010/11/24/id/378094?s=al&promo_code=B2FD-1#ixzz18QOGN3bP
“There’s a little bug inside of me which wants to get Wall Street to say to Global’s revived ZOMBIE owners, ‘Out. Off. End. Goodbye.’ It would be a big favor to America; to our ability to advance the American peoples’ REPUBLIC, to be able to VIDEO each other without fear of repercussions and cause real change in their government and, more importantly, in their future.”
Carl, do you own a gun?
5% headcount reduction. I Thought STT was in it for the long run….
Unless you’re making another recommendation, like xoHO, enron, not yet. I do believe in the “right,” however.
I also believe in this along with its unnamed author.
“Rebellion against tyrants is obedience to God.”
Yes, Franklin had very sophisticated views when it came to theology:
“Beer is living proof that God loves us and wants us to be happy.”
One more Benjamin Franklin quote for Carlk:
“Silence is not always a sign of wisdom, but babbling is ever a folly”
Damn, I wish I had found that quote– so spot on. Congratulations.
So, what do you think about the plausibility of (3) absorbing Global Xng into its bloodstream? Some believe beer and baloney makes a good combination if (3) represents unlimited “beer” on “tap” via the “internet.” This board’s host has been calling for it for some time now.
As for Franklin, and Munger even, we will benefit greatly through sorting, and taking with us the good, while leaving the bad. “Garbage out,” theory.
For example, Charlie says, “suck it up, America!” I hope he wasn’t referring to too much beer as their plan of action. That may lead to violence including those who are less violent typically. imo
I guess enron is at a loss for “numbers.” It must be the second time in his life, like xoHO, or maybe the third partially inscribed in his silly handle. That’s too bad. Here’s a less original quote for you pompous, wise mouths who believe that only those people with T’s, yes, Rockefellers, and B’s, yes, Mungers, are privileged enough to go about babbling IDIOCY: Go to HELL! Now let the gang bangers out of their cages! imo
Carl, I used to think there was perhaps some wisdom lurking in your comments, if only I could disentangle them. Now I’m afraid I’ve realised I can’t be bothered and I just don’t care anyway.
All men are bound to experience periods where “wisdom” is lost in favor of something else, Anon.
Be not disappointed when you witness this, and by all means, be not afraid of the crowd who may attempt to challenge your convictions, even gang up on you, when you know you are right. Some things are worth fighting for, my would be friend. imo
Can we stop the ridiculous nonsense banter Carl and get back to whether or not people know if the rumors are true? Save your poetry please for your soon to be released memoirs.
Sell the FRICKEN rumors, Anonymous!
Here’s a COMCAST fact by our (3) managers to be pondered for determining Global Baloney’s shorter term worth, on the other hand.
http://finance.yahoo.com/news/Level-3-Communications-Issues-bw-1276134781.html?x=0&.v=1
I can tell you for a fact there are layoffs going on at Global Crossing several employees were walked out the door just last week. it wouldn’t surprise me to hear that 500 was the target number as well. And yes none of the Leadership team is taking a pay cut as usual or one for the team. Johhny, Davey, and Danny are going to be looking forward to their bonus soon !
There are a ton of really good people who have been let go. Its really too bad. Sad … they didn’t fail the company the leaders failed them.
Just heard that GC closed their QA department in Rochester, NY. NOt sure how many were impacted.