Since we are on the subject of what the City thinks of WW, this is exactly what they think as follows:
Citi, 29th May 2009:
An almost full-year impact of current year restructuring efforts that re being implemented. BA is not announcing specific restructuring initiatives, apart from securing new ‘permanent’ pay and productivity agreements with each of the labour groups. These are likely to address issues such as demarcation, overtime, overnight stays for crews and working time. In addition, voluntary and involuntary redundancy initiatives are likely as BA reduces its capacity by at least 4% from this winter. Overall, we estimate that the number of FTEs could fall from around 40,500 currently to 39,000 by the end of FY10 and maybe as far as 38,000 by the end of FY11. Better operational performance as a result of the success of Terminal 5, a 4%+ capacity reduction and fewer premium-class related staff/crew are likely to be sources of cost savings in addition to the productivity initiatives targeted. Achieving these benefits depends critically on the various labour groups accepting management’s pay and productivity initiatives currently being put before them. Balloting members is currently taking place for some groups. The least advanced discussions, however, are with the cabin crew groups, typically the situation with previous negotiations. In our view, the risk of a cabin crew strike is high, even though such action would likely be deeply unpopular, internally and externally, and out of touch with economic realities.
Collins Stewart, 10th June 2009:
Significant staff cost savings needed:
Negotiations with staff over changes to pay and conditions are key. There are a range of legacy issues which need to be eliminated for BA to rebuild returns. Willie Walsh has set end June as a deadline. So far the ground staff and cabin crew are unreceptive.
BoA ML, 22nd May:
The near-term trading backdrop remains difficult - the trading environment for the sector remains tough at this time. This includes weaker traffic trends, lower pricing and negative mix movements (trading down from premium to economy cabin).
So, no mention of WW's management style whatsoever.