Over 10k jobs gone in the last FY (See SEC filing for Denali Holding Inc.). It's become a culture of layoffs and downsizing. Michael has to figure out how to pay down the debt. You can only do this two ways - cut costs or grow revenue. There is no plan/idea/play to increase revenue so the only way left it to cut cost. If you look at the people who do work (non management/non executive), they've cut the fat, cut the muscle, and are now doing searches in the bone marrow for anything else they can cut. Executives and upper management are still growing and being promoted. The sales force is increasing but with nothing compelling to sell, revenue continues to fall. Trying to grow via acquisition is like a dying star trying to stay alive by consuming the planets around it. It'll buy a little time but eventually, the star will go nova and explode. Dell is following the same path.
