Tag: corporate profits
PROFITS ARE up, so it's time to slash the workforce
Those words are the 1st paragraph of a Boston Globe column by Joan Vennochi, titled as is this piece The rich rewards of cutting jobs
It is a lead-in to an examination that starts with Boston's State Street Corporation, where 1,400 employees, 400 in MA, have lost their jobs at a time when corporate profits were up 20& and operating revenues more than 8%.
Vennochi quotes from an internal email from the CEO that this is a deliberate strategy
necessary to "enhance service excellence and innovation'' and drive "a stronger sense of urgency about getting things done.''As Vennochi puts it
Those scary words reflect the new normal in corporate America.