If has been so long since Yahoo announced its mass layoffs, we had almost forgotten about them. The word after Q3 was that they would happen before the holidays, so as to help Yahoo avoid being blasted for Scrooge-like timing. As far as we know, however, they haven’t happened yet.
In mid-November, Kara Swisher reported that the bloodletting would take place on December 10, this coming Wednesday. A reader hears the same:
The next big round of layoffs at Yahoo occurs on Wednesday. A good buddy of mine who works there said word came down from his boss that the next 1200 to 2000 will be let go on Wednesday.
When the firings were announced, Yahoo said they would encompass 10% of the workforce, or about 1,400. Given the deterioration of the company’s business, we continue to think the cuts should be deeper, but it sounds as though Yahoo might have upped its original target.
UPDATE: Kara Swisher confirms the Wednesday date and adds some more details:
1. The number currently remains at 1,500, although given the current economic environment, several sources at Yahoo expect the eventual numbers to add up to be more that that, up to 2,000.
“Things have changed since these layoffs were announced,” said one source close to the situation. “But those additional cuts might not come Wednesday, but through attrition and a hiring freeze first.”
2. The layoffs are mostly across the board. But expect general, human resources and finance to take a bigger hit, since the expenses are cost-based and most of their costs are staff.
3. Employees targeted will be told on Wednesday morning with a “normal separation period,” said a source close to the situation, which means they will be out within a few hours on the same day.
4. Yahoo execs, sources say, are not expecting any serious problems, i.e. extremely upset employees, because these layoffs have been long anticipated. But there will be security present at its Sunnyvale HQ and elsewhere, as there always is with most big layoffs at any company.
Still, said one source, that does not mean there will security hovering over departing workers, except perhaps in cases of those who deal with more sensitive information.
5. Most employees do not know if they will be let go yet, nor has management in charge of the cuts made that public.
That’s because whole projects might be eliminated, sources said, and the cuts might present yet another chance to restructure more. Already, there are rumours of whole divisions being moved among big managers, probably to stake out territory before a new CEO is installed…
6. No, Yang is not leaving as CEO quite yet, although this week is a perfect time to name a new CEO and get the focus off of the bad news at Yahoo.