Even 3M feels heat to reduce expenses

The reports that followed 3M Co.’s disappointing recent earnings announcement made clear how analysts interpreted CEO Mike Roman’s statement that “operational execution fell short of the expectations we have for ourselves.”

Put simply, 3M executives had admitted to being too slow to do what investors saw as the right thing — letting a lot of 3M employees go.

The company said it was going to reduce head count by about 2,000, roughly 2% of the workforce, through what its executives called “voluntary and involuntary” actions. People with experience at big companies know voluntary likely means some sort of early retirement benefits for agreeing to leave, and everyone knows what involuntary means.

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