Schlumberger Layoffs have begun (Houston: credit, construction, contractors)

[lipbalm]

Not saying downturn is not affecting these specific layoffs but letting people go is par for the course for SLB even during good times? They follow the Jack welch philosophy of cutting heads every year too keep people "motivated". Maybe some of the current SLB people can comment.

[SouthernBoy205]

Originally Posted by lipbalm

Not saying downturn is not affecting these specific layoffs but letting people go is par for the course for SLB even during good times? They follow the Jack welch philosophy of cutting heads every year too keep people "motivated". Maybe some of the current SLB people can comment.

So this could potentially be bad press...

[misterno]

I feel sorry for people who bought houses in the last 3-4-5 years with 30 yr mortgage based on a oil dependent job.

I see homelessness in the future.

[swopoe]

Originally Posted by misterno

I feel sorry for people who bought houses in the last 3-4-5 years with 30 yr mortgage based on a oil dependent job.

I see homelessness in the future.

Oh great.

[ethanw]

Yeap that's our philosophy, good or bad times, bottom 10% always go out, pink slip. I agree with the approach and there are a lot of bottom feeders in every company. This is a good way to fix that but also reminds folks about staying competitive (motivator). A very healthy philosophy if you ask me. Now the way SLB does it is a different story, pretty cruel

I look at some of the American companies, mainly my customers and I see so much fat and waste due to bureaucracy, politics and low performers. Is mainly US based for some reason.

Originally Posted by lipbalm

Not saying downturn is not affecting these specific layoffs but letting people go is par for the course for SLB even during good times? They follow the Jack welch philosophy of cutting heads every year too keep people "motivated". Maybe some of the current SLB people can comment.

[curbur]

Originally Posted by misterno

I feel sorry for people who bought houses in the last 3-4-5 years with 30 yr mortgage based on a oil dependent job.

I see homelessness in the future.

I feel like that's wildly exaggerated, especially for people in the downstream sector of the industry.

[tstone]

Originally Posted by misterno

I feel sorry for people who bought houses in the last 3-4-5 years with 30 yr mortgage based on a oil dependent job.

I see homelessness in the future.

Were there a lot of homeless professionals with good credit in 2009 when the bottom fell out?

[ipuck]

Originally Posted by JohnStein

The job market will be flooded with people with very similar background and skills. And new grads will do the job for cheaper. It's not that easy to find another job like you say for common folks. I was in NY with a graduate finance degree and 5 years or so experience around 2008-2009, it wasnt a cake walk.

Been through 2 industry crashes in my career. First time in Silicon Valley and second time indirectly related to finance while i lived in NYC in 2007. Lots of people i know never recovered from that crash. People I know that used to make 200k+ in finance all lost their jobs and a few left the industry.

Thats why I decided the best career path is the one where you sign your own paycheck.

[War Beagle]

Do the oil producing companies usually start laying off first or the companies that provide products or services to the oil companies? I would think the support companies would start layoffs first but that's just a guess.

[cla]

We let go contract workers a couple of months ago and today just laid off about 25%. It is always a surprise, even when you know it is inevitable.