“The coming job cuts are going to be super brutal” – Truth Unmuted

(by Michael Snyder | The Economic Collapse Blog) – A surprisingly large wave of layoffs has already begun and we are being warned that there will be much more significant layoffs in the coming months. It’s very scary to hear, because the job cut announcements are already coming in so fast that I couldn’t share them all with you. I wrote about some of the major layoffs happening just a few days ago, and now I have more to share. We haven’t seen anything like this since 2008, and many of you still have very painful memories of what the “Great Recession” was like. Unfortunately, the United States is now mired in another severe economic crisis, and that means there will be a lot of pain in the coming weeks and months.

Today, I was surprised to learn that a new survey found that 20 percent of business economists “expect employment at their company to decline in the coming months”…

A growing number of business economists expect companies to cut their workforce for the first time since the pandemic, a sign that the labor market is beginning to cool amid an increasingly gloomy economic picture.

This is according to a new survey published Monday by the National Business Economics Association, which shows that around 20% of the group’s members expect employment at their company to decrease in the coming months.

Is this survey representative of the US economy as a whole?

If so, it’s really creepy.

Can you imagine what our economy would look like if about a fifth of all American companies started laying off workers at once?

Hopefully that won’t happen.

But it looks like the upcoming layoffs in the banking industry could be historic.

In fact, one expert is publicly warning that “the job cuts to come will be super brutal”…

Banks are poised to undertake the biggest wave of job cuts in 15 years amid falling earnings.

Industry observers told the Financial Times (FT) that the layoffs, which are expected to number in the tens of thousands, reverse a widespread hiring trend and banks’ reluctance to let workers go during the pandemic.

“The job cuts coming are going to be very brutal,” Lee Thacker, owner of financial services head search firm Silvermine Partners, told the FT in a report on Saturday (January 21).

Not only did he say the job losses will be “brutal”.

He said they will be “super brutal.”

Of course, many would argue that the outlook for workers in the tech industry is even worse.

At this point, “tens of thousands of employees” have already been laid off in just “the last few months”…

Big tech giants have laid off tens of thousands of employees in recent months as recession fears, lingering inflation and rising interest rates continue to weigh on earnings results. Google, Amazon and Meta have let go of nearly 40,000 employees combined.

But Gene Munster, managing partner at technology-focused venture capital and investment firm Deepwater Asset Management (formerly Loup Ventures), believes the worst is yet to come.

“There’s still another 15% to 20% of workforce reductions for these big tech companies in the next three to six months,” he told CNBC on Monday.

The surprising layoffs we just witnessed at Google made headlines around the world, because most experts didn’t see them coming.

If the layoffs are about over-hiring, why do I see so many Google friends of 15+ years letting go? They were the ones who turned it into a $100 billion cash business.

It’s not about over-hiring.

— Tim Cheadle (@timcheadle) January 22, 2023

Unfortunately, many of those who were fired didn’t see them coming either.

Can you imagine giving 20 years of your life to Google and then suddenly being fired one day via email?…

One software engineer described the way he found out Google was firing him as a “slap in the face”.

Jeremy Joslin, whose LinkedIn profile says he has worked at the tech giant since 2003, said Friday the company told him the news via email.

“I find it hard to believe that after 20 years at Google I am unexpectedly learning of my last day via email,” he tweeted. “What a slap in the face. I wish I could have said goodbye to everyone face to face.”

This is cold.

But this seems to be becoming a trend.

In fact, Vox just laid off 7 percent of its workforce, and those who lost their jobs were “notified by email”…

Vox Media, the publisher of news websites like Vox and The Verge, as well as New York magazine, will lay off 7 percent of its workforce, Chief Executive Jim Bankoff said in a note early Friday morning. staff

Bankoff said the layoffs, which will result in about 130 people losing their positions, affected several teams, including the editorial department. Those who had their jobs eliminated were notified by email, followed by a subsequent meeting with an HR officer who would discuss severance packages with them.

If you are in HR and you are reading this, please don’t ever do such a cruel thing in your own company.

It might be a lot easier to fire people over email, but that’s just the wrong thing to do.

We also learned on Monday that Spotify will be conducting mass layoffs…

Spotify has joined a number of other tech giants in laying off employees.

Monday’s announcement shared by CEO Daniel Ek said affected employees, about 6 percent of the company, will be notified Monday morning.

I guess they have to pay Joe Rogan somehow.

But it always hurts when I hear about people losing good paying jobs.

Unfortunately, for many companies a wave of layoffs will not be enough.

As we move into a very tough economic environment, some companies will have to take the ax again and again.

For example, just look at what the Winklevoss twins are up to. They just made their third round of layoffs in the last eight months…

Cryptocurrency exchange Gemini is cutting 10 percent of its workforce — the third round of layoffs in just eight months.

The announcement was made Monday in an internal message by founders and identical twins Cameron and Tyler Winklevoss, 41, The Information reported.

The company also cut staff in July, according to TechCrunch, just a month after laying off 10 percent in June.

Instead of subjecting us to horrible renditions of some of our most beloved classic songs, maybe they should have spent more time trying to figure out how to keep their company afloat.

In any case, it turns out that the doe-eyed optimists were very wrong and the economic realists were absolutely right.

The massive economic crisis we’ve been warned about endlessly is happening.

Hordes of American workers have already been laid off, and many more will be laid off as 2023 approaches.

So you might want to try to keep your head down while you still can, because otherwise, you might be one of the people getting “fired by email” in the coming months.

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