GlobalFoundries plans up to 800 layoffs despite reporting record profits US contract chipmaker GlobalFoundries plans to lay off as many as 800 employees, proving that job security is not a foregone conclusion for a company that just reported record profits. The New York-based foundry business confirmed the intention to The Register on Monday, citing a shaky economy despite its expectation that 2022 …
If these people are capable engineers with niche skills able to start their own foundry, but lacking funding - the government should be looking at helping them.
More competition is good for everyone and sadly in that industry if you leave, you can't get the band together and piece a new song in the garage.
That’s economic insanity.
Governments should spend taxpayer money on providing basic medical care, social care provisions for the elderly and dispossessed, and national utilities that are more efficiently provided in common such as Grid, water, and heating gas (including the six months of storage that UK had but got rid of because of privatisation).
Things for everybody, not vanity projects for the upper middle-classes to be given a fiefdom.
In other words: to keep Wall Street pleased, GlobalFoundries needs to sacrifice a good chunk of jobs.
That's very easy to fix.
So GlobalFoundries laid off 800/5.7% of their workers in spite of having record income and CHIPS Act subsidies?
Then the government will lay off GlobalFoundries and subsidiaries as a recipients of CHIPS Act subsidies.
Tit for tat.
See how fast they backpedal then.
O.
Yeah, Thanks Global.... I am one of the ones let go. I was Very Surprised. Did I make good money with them? Yes! Was I anywhere near an executive level earning employee? No!!
I was with Global since Sept 2011, have been promoted, have had decent raise due to his performance ratings and reviews. Moved into a Leadership role on shift and worked nights. The company paid me decent for what I did, but I did a lot for the company. Have been with them since the beginning, first silicon plaque had my name on it.
Now - que up the Statement Labor Reduction Cost Savings from our CEO , and that put me in the sight glass to be let go. With No Reason given to me at the exit interview, besides "it was a company decision" .
Very disappointed and distraught, I now have to uproot my family, try to sell my house ( in a terrible market), and find another job.
Not cool GF, not cool at all!!
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