For the whole article:05/20/2004 5:45 pm
The Associated Press (SEATTLE)
Even with $60 billion cash in the bank, Microsoft Corp. is telling employees they're not immune to corporate cost-cutting.
Microsoft told employees in an e-mail this week that it is trimming some benefits _ including reduced prescription drug coverage and employee stock discounts _ to save money.
The software giant will continue to offer perks such as free sodas and gym memberships, and the company says its benefits are still generous.
But they won't be as lavish as in years past. John Connors, Microsoft's chief financial officer, recently told employees the company hopes to save as much as $1 billion in its next fiscal year, which ends June 30, 2005. In addition to trimming benefits, Microsoft plans to combine some operations, make business units more efficient, and reduce spending on such things as travel, computers, catering and entertainment.
Personally, I'd bet the cuts are more a result/related to the costly fines and legal fees associated with Gates not following the law when trading... then again, what do I know. I'm not the one with $60 billion in the bank