AM I NEXT? NO LOVE AT USAA MORTGAGE LENDING

Am I Next? USAA laying off workers in its mortgage lending operation in San Antonio, Phoenix, Arizona, and Tampa Florida offices.

San Antonio, Texas-based USAA (United Services Automobile Association), a Fortune-500 diversified financial services group has announced that it will be reducing the headcount in its real estate lending operations and laying off 265 employees. 110 employees are located in San Antonio and the rest in Phoenix, Arizona and Tampa, Florida. USAA Bank President Chad Borton noted, “This decision was difficult, as we value our employees and we appreciate that they go above and beyond for our members every day. However, it was necessary as we focus on continuing to provide members competitive mortgage products today and in the future.”

It is becoming increasingly difficult to remain competitive in mortgage lending due to weakening home sales and more stringent controls on re-financing existing loans. To be noted, the company has a stellar record of integrity and is trying to place employees in open positions.

Are you wondering, Am I Next?

NO LOVE AT NOVO NORDISK? (UPDATED)

Am I Next? Novo Nordisk 3,000 potential layoffs

UPDATE: NOVEMBER 1, 2018 — COMPANY ADMITS TO CUTTING 1,300 POSITIONS BY THE END OF 2018

First the company eliminated 400 R&D jobs, followed by 250 positions in the United States, and now the company company admits to cutting about 1,300 employees by the end of 2018.

UPDATE: SEPTEMBER 28, 2018 —ADDITIONAL LAYOFFS IN UNITED STATES 

The company has announced that it will proceed with the second round of employee reductions in force. This time with 250 U.S. employees in business functions. 100 positions at the U.S. headquarters in Princeton, New Jersey and another 150 employees associated with diabetes treatment support.

Original Post… 

Employees of Danish multinational pharmaceutical giant Novo Nordisk are waiting for another layoff shoe to drop in August 2018 when the company plans to reveal restructuring and cost-cutting plans along with its Second Quarter financial results.

It appears that Novo, the world’s largest supplier of diabetes pharmaceuticals is planning to shed another 3,000 positions and abandon their long-term growth prospects in light of increasing legislative pressure to lower drug prices in the United States.

No detailed comment from Novo, other than “the company regularly adjusts its business according to market conditions” was forthcoming. This would be the second mass layoff, the first coming in 2016 which saw 1,000 positions eliminated to cope with competitive pressures from pharmacy benefit managers who represent major insurers and company health plans.

While employees cite Novo as a great place to work, many have little respect for management which appears to be under constant change. The company is currently engaged in a share repurchase program to increase their share price. For some, probably in middle management and sales, the handwriting is on the wall.

Are you asking yourself, Am I Next? 
 

NO LOVE AT SIKORSKY HELICOPTERS (UPDATED)

Am I Next? Potential layoffs at Sikorsky Helicopters in Jupiter, Flordia

UPDATE: AUGUST 3, 2018

Sikorsky spokesperson Paul Jackson noted, “Sikorsky will not renew the lease for the Florida Assembly and Flight Operations property ... and will vacate the building by year-end.

Closing the helicopter assembly operation at the campus it shares with Pratt & Whitney will result in a lay off of about 500 — nearly half of the employees at the Palm Beach County site.

UPDATE: JULY 31, 2018

Sikorsky spokesperson Paul Jackson noted, “Sikorsky informed employees today of a decision to consolidate operations to adjust to lower US Government aircraft demand, eliminate the resulting excess capacity, and protect our ability to compete by reducing cost.

As a result, we will not renew the lease for the Florida Assembly and Flight Operations (FAFO) property in West Palm Beach and will vacate the building by year-end. We will continue to operate the Development Flight Center on the same campus.  Additionally, approximately 150 salaried employee layoffs will occur throughout the company by year-end as a voluntary separation package offered to salaried employees in June did not yield the expected number of applicants. These two actions combined will impact 5% of the Sikorsky workforce. These decisions are always very difficult but necessary to ensure we can deliver affordable products for our customers to complete their missions.”

Original post ...  

It appears that a confluence of events are likely to produce up to 200 permanent layoffs in the Sikorsky/Lockheed’s facility in Jupiter, Florida.

The layoffs appear to be targeted at workers involved with the Blackhawk military helicopter program. 

Lockheed Martin Chairman, President and CEO, Marillyn Hewson, commenting on first quarter 2018 net sales of $11.6 billion said, “Strong operational and program execution in the first quarter allowed us to increase our financial guidance for sales, profit and earnings per share. Our team remains dedicated to performing with excellence, offering affordable and innovative solutions for our customers, and delivering exceptional value to our shareholders.” While also noting that  sales in the Rotary and Missions Systems Group (which includes Sikorsky) increased by $96 million, but “These increases were partially offset by a decrease of $190 million for Sikorsky helicopter programs due to lower volume for government helicopter programs.”

Nothing is set in stone, but the handwriting for some employees is clearly on the wall as company spokesperson said, “We have not made any announcements but continually review all our business operations to ensure we are properly sized for current and longer-term business requirements and economic conditions within our marketplaces.”

Look for an upcoming shootout for the next generation of helicopters. Sikorsky/Boeing’s SB>1 Defiant against Textron/Bell’s V-280 Valor. We can only hope that critical workers can be retained to avoid what happened to the skilled staff at NASA – who appears unable to send astronauts to the International Space Station without Russian launch vehicles. 

Are you asking yourself, Am I Next?