EXECUTIVE MEMo

to: | Charles rampart, chairman and ceo

via: | claire jordan, svp and GMC connectors, section

subject: | RE: downsizing program

|

I appreciate the personal time and effort you have spent in thinking about the profound across-the-board-reduction. You have my support in the attempts of managing costs to achieve back investor confidence and bring the company back to being a sound expenditure. However , I really do not wish to give my support blindly and so I include a few other tips that you might include overlooked that we hope you should consider. Also, downsizing could possibly be required to an extent although a more methodical approach apart from across-the-board reduces could be more beneficial should it be necessary. I would be happy to discuss more in detail in the event you find benefit in these tips. Align objectives/actions to the long lasting strategy. Do not be pressured to make quick fix decisions to echo immediate effects that are not lasting. It is very important showing our traders that we can deliver right now, and becoming new inside the position you hold I believe the temptation to accomplish this is very solid, but it should not deviate from your long-term goals. We must keep in mind that our shareholders are in charge of the long-run. Also, accounts are created with clients due to an impression that individuals are a sustainable option and reliable. If we are to carry out downsizing it ought to be done in an intellectual way and we need to show that it can be part of an answer to a higher outcome we are trying to achieve. Without prejudice I could declare my division is as trim as it could possibly be. Cuts via my division will most definitely impair our processes and savings out of this will only always be cancelled away by loss of business. This could be in line to my third recommendation. Generate downsizing the final resort. Granting you have got experience in downsizing prior to it may be the situation that it went well at that time but the redundancy exercise that happened previous August, that had very little impact at best,...

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