"Nothing was divested and the layoffs were performance driven"

SV was concerned and confused about the fact that 105 people voted on the Slido question...ELT will lie to our faces and call us crazy for questioning them

Quote from earnings call:

"While we continue to drive ASV growth, we are focused on capitalizing on our scale to deliver long term sustainable and profitable growth. To that end, we have launched a range of strategic projects aimed at running FactSet with greater discipline and efficiency. Sanoke outlined multiple productivity, but from an operational standpoint, I will highlight 2 items we initiated during Q3 and completed in the past few weeks. We recently rightsized certain engineering teams as we standardize how we build and run software and take advantage of AI assisted coding. Additionally, we entered into an arrangement with RepRisk to support our clients' needs as we discontinued the signals attribution service FactSet provided following the 2020 acquisition of Truvalue Labs."

#AI #Acquisition #EmployeeRelations #Layoffs #Performance

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Look what happened to Starbucks when they hired from McKinsey - tried to turn coffee shop to bar/night club - search for it. Only lasted 18mo before everything fell apart.

Same playbook here now. Can’t be a growth company when no money left to invest plus constant layoffs/org changes. Can’t be a growth company dependent on consulting firms.

Glad we ended Radio/Cassette player episodes each week.

@be do not trust what HR tells you. Certainly expect cuts in products and next RCS.

Office of Growth: nothing will be left to grow!

Head of content: guy who caused FDS future by BCG and then got pushed aside by PS as CPO. He was head of facility and now content. Scratching my head again and again

I know a few people who were slackers on my team did not get laid off. They did not know what they were doing and were basically coasting the whole time. Other people had to help them finish their work, and their managers were well aware that they were not doing their job right.

Who, in what context, said the layoffs were performance driven? This is not what HR and management told those being laid off.

Sadly no surprises and further confirms this post from a few days ago on the "RCS Layoffs?" thread.

https://www.thelayoff.com/post/@2f3+1kvakkp43

@a3 lying through his teeth. At bare minimum he knew that there was no wide scale communication to all employees about the layoffs. And I think it’d be highly unlikely no one in the c suite told him layoffs weren’t performance driven.

Makes Phil S look like the most honest man to ever live

He deliberately misread the question, which was which parts of the company were people divested from, not which parts of the company were divested. Weasel behaviour.

And they were 100% not performance-driven.

@a3 he does not care what employees think. The call was more confusing than the email.

At least someone got free box of donut at the end! Yeyyy

We are all but SV’s chickens at this point.

Honest question - is Sanoke lying or is the ELT too scared to tell him about the clusterf**k that layoffs were?

Thread regarding FactSet Research Systems Inc. layoffs

"Nothing was divested and the layoffs were performance driven"

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