Monday, April 9th 2012

Sony Will Cull 10,000 Jobs By The End of 2012, Seeks Return of Executive Bonuses

Nikkei, Japanese business daily, today reported Sony to be working on a new round of restructuring that will see about 10,000 job losses (6 percent of its global workforce) by the end of 2012. Suffering heavy losses, the firm has also sought the return of bonuses of its seven executive directors, including Chairman Howard Stringer. Sony is expected to culminate a loss of US $2.9 billion by May, when it releases its annual report. A company representative told The Verge that this report is only a Nikkei story, not an announcement from Sony, and that the company has no comment at the moment.

Sources: Reuters, The Verge
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15 Comments on Sony Will Cull 10,000 Jobs By The End of 2012, Seeks Return of Executive Bonuses

#1
RejZoR
Why is it that "low end" workforce always gets sacked the first for poor exec management?
The workforce below just does what execs say, so why should they get sacked first? Should be the other way around. Maybe then, they'll start thinking a bit and not just pulling loads of money with nearly no responsibility. Coz if things go south, they just sack some more ppl below. Not nice.
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#2
LAN_deRf_HA
Yeah, like that'll fucking help. It wasn't those employees making the horribly asinine decisions that got them to this point that's for sure.
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#3
Drone
They rather hire more people. Maybe then their security will get better and they get hacked less :rolleyes:
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#4
Fourstaff
by: RejZoR
Why is it that "low end" workforce always gets sacked the first for poor exec management?
The workforce below just does what execs say, so why should they get sacked first? Should be the other way around. Maybe then, they'll start thinking a bit and not just pulling loads of money with nearly no responsibility. Coz if things go south, they just sack some more ppl below. Not nice.
Welcome to capitalism and I hope you enjoy your stay. If you don't like it, sign this sheet and we will try to install a communist system instead.
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#5
RejZoR
Sure, have capitalism, but also give penalties and responsibility to the execs. Instead they get big bonuses for fucking things up and then leaving the company. Geez, i'd like such job as well. But if i mess something up i get sacked, i won't get anything and i'll have to find myself a new job. Capitalism at its finest.
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#6
Liquid Cool
The layoffs are just beginning. As is the dive in the markets.

I teach technical analysis. Usually for free...:)

Liquid Cool
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#7
kid41212003
The cuts are in chemical and LCD departments.

And Sony is denying the cuts.
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#8
Fourstaff
by: RejZoR
Sure, have capitalism, but also give penalties and responsibility to the execs. Instead they get big bonuses for fucking things up and then leaving the company. Geez, i'd like such job as well. But if i mess something up i get sacked, i won't get anything and i'll have to find myself a new job. Capitalism at its finest.
After all, capitalism demands the maximum exploitation of resources. If you don't want to play the game, then be a executive of your own company instead. No one can fire you at will. My grandpa told me: you will only be a free man if you work for yourself, otherwise your life is in the mercy of some stupid person.

Mr LiquidCool, I have a question for you: Now that the US jobs data is worse than shit, but Gold only just moved to neutral position at about 1640-1650, from a technical analysis point of view how would you set up a trade? (all 1 day) RSI at about 50%, MACD 12,26 flat, price halfway between the downwards sloping resistance and the bears 1600 target, and its also within 20 points to SMA 20. Also, Bollinger 20,2SD is closing in, suggesting a largish price movement within this week. Is it
a) buy
b) sell
c) hold?
Keep in mind that Gold only recently moved out of lockstep with S&P/DJIA?NDAQ, but we still haven't returned to the "normal" pattern yet.

Go!
Posted on Reply
#9
araditus
by: Fourstaff
After all, capitalism demands the maximum exploitation of resources. If you don't want to play the game, then be a executive of your own company instead. No one can fire you at will. My grandpa told me: you will only be a free man if you work for yourself, otherwise your life is in the mercy of some stupid person.

Mr LiquidCool, I have a question for you: Now that the US jobs data is worse than shit, but Gold only just moved to neutral position at about 1640-1650, from a technical analysis point of view how would you set up a trade? (all 1 day) RSI at about 50%, MACD 12,26 flat, price halfway between the downwards sloping resistance and the bears 1600 target, and its also within 20 points to SMA 20. Also, Bollinger 20,2SD is closing in, suggesting a largish price movement within this week. Is it
a) buy
b) sell
c) hold?
Keep in mind that Gold only recently moved out of lockstep with S&P/DJIA?NDAQ, but we still haven't returned to the "normal" pattern yet.

Go!
its buy bc all trends have been heading down, to lower resistances, and with fake inflation of spy sell off is near, flocking to gold is the trend
(you were asking if you buy sell or hold gold or sony? short sony for the next 3 days, then change)
btw, i think techical analysis is boring, I used to stare at 5 monitors everyday tryingto figure things out, then i realized, I should switch to psychological analysis because the market is just a collections of peoples feelings.
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#10
Easy Rhino
Linux Advocate
i am not against executive bonuses. in fact they make a lot of business sense. but in this case, these morons at sony do not deserve employment let alone bonuses!
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#11
Fourstaff
by: Easy Rhino
i am not against executive bonuses. in fact they make a lot of business sense. but in this case, these morons at sony do not deserve employment let alone bonuses!
If the shareholders think the current arrangement is not good enough, then they can make changes.
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#12
Easy Rhino
Linux Advocate
by: Fourstaff
If the shareholders think the current arrangement is not good enough, then they can make changes.
i am sure some will try.
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#13
mechtech
by: Fourstaff
If the shareholders think the current arrangement is not good enough, then they can make changes.
Unless the Exec staff have a majority of the controlling shares.

Reminds me of the 2008 economic dive......dammit we're bankrupt..........let's ask the gov for a bailout.....good idea..................well ok here is 125 million, now get the business up and running again....................sweet exec bonuses all around..........umm govment we has no monies left for the company

Epic Fail
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#14
FordGT90Concept
"I go fast!1!11!1!"
I hope Sony's shares plummetted on that news. They replace their ability to make more money (employees) with bonuses to people that deserve none (executives). The share holders should fire the board.
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#15
xtremesv
Long are the days when "It's a Sony!" meant something. Back in those days, if you bought a Sony TV, you were getting the greatest.

Sony has learned the hard way that there is no a single all-mighty corporation, not even Apple will remain powerful if bad decisions are made and if chiefs rest on laurels too long.
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