Pros
They don't know who is worth keeping so letting people go
Cons
Senior management make the business change reported results so that plan numbers are achieved. Senior leaders are not able to communicate with business, when questions are asked only able to give short out of context replies. People & Organisation run the company to the ground to the extent that even loyal Repsol employees comment they are out of control. If you don't speak spanish then you have no long term hope. Some (less than 5% ) has progressed in short term but in long term they will be gone as well. Performance review are an opportunity to without documentation to get even with other staff. Culture is one in which you ask no hard questions especially to management and you report only good news even if you have to change the numbers. To look good you must stay late and ensure you email as many people as you can at 11pm to show that you have worked late.