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Responsible Restructuring by Wayne F Cascio

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1Restructuring in Perspective

Many firms are restructuring by downsizing their workforces. Those most likely to take that approach see employees as costs to be cut rather than assets to be developed.

Picture this scenario. You are the chief executive officer at Grayson McBerry—a medium-sized securities trading firm headquartered in New York, with branches in most major cities in North America, Europe, Asia, and Australia. The second quarter just ended, and your firm’s year-over-year revenues are off 52 percent. Its stock price is down almost 30 percent from the beginning of the year, and your best guess is that there will be little improvement until the first quarter of next year. You know you have got to do something to improve the financial ...

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