That’s a lot of layoffs.

So they got all that money from Uncle Sam’s CHIPS Act only to lay off 10,000 employees and make themselves “lean”. Govt funded unemployment.

  • peopleproblems@lemmy.worldEnglish
    79·
    5 months ago

    What is it with accountants being chosen as CEO? Like if you were a competent accountant, you should be CFO, and the CEO is someone who knows what the fuck the company sells and how it profits, which I can guarantee you has never been a competent accountant.

    • halcyoncmdr@lemmy.worldEnglish
      852·
      5 months ago

      It’s because the big investors only give a fuck about number go up. Accountants show number go up. All current large investors also seem to have a complete inability to look more than 1-2 quarters in advance, at most. So if number go down, instead must force change to make number go up, but again only 1-2 quarters to make it happen. If number stay down, abandon and go elsewhere.

      Institutional investors, the ones with billions in assets controlled, and the real power in this world, don’t give a shit if the company is actually successful, or about sustainability, or anything other than continuous profits at any expense. And that’s how they perceive the accountants.

    • TheGoldenGod@lemmy.worldEnglish
      56·
      5 months ago

      It’s a little like the sociopath hospital boards, having more billing staff than doctors and nurses. Making a massive mistake for quick profit and leaving it for the next guy to cleanup lawsuits. A little like robocall centers, okay with fleecing the poor as long as they only have to pay roughly 20% in damages, close shop and create a new call center all over again and rinse and repeat.

      • deadbeef@lemmy.nzEnglish
        9·
        5 months ago

        This video is perfectly applicable, the rot that sets in in a large company when you have no competition to counteract it is exactly what has happened here.