‘Welcome To The Recovery’: First Schlumberger Fires 9,000; Now Baker Hughes Unleashes 7,000 More Layoffs

Flashback:

Welcome to the Recovery (New York Times, by Timothy Geithner, August 2, 2010)

‘Recovery’ is the ‘Greatest Depression’ …

… and …

‘War is peace’.


bkaer hughes

First Schlumberger Fires 9,000; Now Baker Hughes Unleashes 7,000 More Layoffs (ZeroHedge, Jan 20, 2015):

Another day, another unambiguously bad announcement from America’s bettered energy sector which are bolting down ahead of the crude storm, and firing thousands. Last week it was Schlumberger which announced it would fire 9000, today it is Baker Hughes which just warned it too will hand out about 7000 pink slips in the first quarter. And as a reminder, when it comes to comp: each Baker Hughes job is equivalent to about 10 waiter and bartender jobs, which have been the basis of this “recovery.”

  • BAKER HUGHES SEES WORKFORCE REDUCTION OF 7,000 WORKERS
  • BAKER HUGHES EXPECTS TO CUT 7,000 JOBS IN FIRST QUARTER
  • BAKER HUGHES SEES 1Q ’15 SEVERANCE COSTS $160 MLN-$185 MLN
  • BAKER HUGHES SEES REDUCING CAPEX BY 20% VS. LAST YEAR
  • BAKER HUGHES CEO SAYS MUST ADAPT TO ‘NEW REALITY’ LOWER PRICES
  • BAKER HUGHES SEEING GROWING NUMBER WELLS DRILLS, NOT FINISHED
  • BAKER HUGHES SEES 2015 AS `PIVOTAL’ FOR COMPANY, INDUSTRY

What happens next? If indeed confused, then please reread “Houston, You Have A Problem” – Texas Is Headed For A Recession Due To Oil Crash, and promptly thereafter “Which States Stand To Lose The Most From The Crude Collapse.”

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