[casnov]

Originally Posted by EV NXT

Ashneer Grover, BharatPe co-founder, suggested recently that a company with a “toxic culture” is the place where real work is happening !

People will just say anything that comes to their mind just because they can whether it makes sense or not because no one calls them out when they utter these meaningless words.

[Samurai]

This week, while speaking remotely to a Miami event hosted by the banking firm Evercore, prominent investor and “PayPal Mafia” vet Keith Rabois addressed the recent wave of layoffs across the tech sector.

Addressing the thousands of recently-terminated tech employees, Rabois said “all these people are extraneous,” referring to their output as “fake work.” “What these people actually do,” Rabois explained, “they go to meetings.”

https://dot.la/keith-rabois-tech-lay...659565898.html

My my... I thought this was mostly the deal with service companies. Even FAANG was doing this is a surprise to me.

[speedmiester]

More bloodbath and pain is expected in the coming weeks and month post the SVB debacle. This was the go to bank for many startups including Indian startups with presense in US.

SVBs banking systems are down. Lot of companies are facing issues for accessing their money.
Any amount over $250K is at risk.

SVB crisis: Indian startups receive jolt after regulators take over bank

[deehunk]

A SEMI company laid off 7% of its global workforce, 35% of them were contractors working in Bangalore. A highly revered person globally in the SEMI industry too was not spared.

[Guna]

Originally Posted by Samurai

https://dot.la/keith-rabois-tech-lay...659565898.html

My my... I thought this was mostly the deal with service companies. Even FAANG was doing this is a surprise to me.

I was not aware of the term 'predatory hiring' which this article mentions. I could never imagine well respected companies hiring top talents just to make them 'unavailable' for the competitors, even if there is no 'tasks' for them!
All these revelations feel similar to the 'match fixing' in cricket which came to light around year 2000 which made me to loose interest in cricket altogether.

[Gsynch]

Originally Posted by speedmiester

More bloodbath and pain is expected in the coming weeks and month post the SVB debacle.

Fed's much cherished dream of forcibly inducing US (and the world) into the recession is becoming a reality now!

This is a direct result of increasing the interest rate arbitrarily.

[DigitalOne]

Silicon Valley Bank collapse may lead to 1 lakh layoffs...

According to the NVCA, SVB has over 37,000 small businesses with more than $250,000 in deposits, he said. "These balances are now unavailable to them, and without further intervention, according to the FDIC website, may be inaccessible for months to years."

In the Y Combinator community, Tan said, one-third of startups with exposure to SVB used SVB as their sole bank account. As a result, they will fail to have the cash to run payroll in the next 30 days.

Source

[mathewspaul]

Originally Posted by deehunk

A SEMI company laid off 7% of its global workforce, 35% of them were contractors working in Bangalore. A highly revered person globally in the SEMI industry too was not spared.

Do you mind revealing the company name ? or which area of the industry the semi company cater to ?

[RJK]

Originally Posted by mathewspaul

Do you mind revealing the company name ? or which area of the industry the semi company cater to ?

I want to guess Intel

[tsk1979]

7% in a Semiconductor or any major company would be big news. It would not, and cannot be a secret as the companies have to notify the regulators.


BTW FDIC decided all deposits are insured, not just 250K/account

So no bloodbath.

[deehunk]

Originally Posted by mathewspaul

Do you mind revealing the company name ? or which area of the industry the semi company cater to ?

This is a semiconductor machinery manufacturing company, not chip maker.

[JediKnight]

Another semi conductor major (not Intel)layed off 15% of its global workforce impacting lot of senior folks in Hyderabad and Bangalore as well. It was all over in the news in January/February.

[m8002?]

Well, Meta is at it again. Another 10K jobs to be axed. And as expected, the share price is up. I am wondering if any of the execs who approved these 10K hires got a bonus?

https://edition.cnn.com/2023/03/14/t...ffs/index.html

Meanwhile, interesting take on the hiring by Tom Siebel.
https://www.businessinsider.in/tech/...w/98617839.cms

"This whole thing just has to clear itself out," Siebel told Insider, saying that it's "weird" that Google and Meta hired employees when they "didn't have jobs for these people."

[EV NXT]

SVB bank acquired by HSBC for $1:

https://www.wsj.com/articles/silicon...-hsbc-82e37806

While Signature Bank also collapses:

https://www.wsj.com/articles/signatu...ilure-a5f9e0f7

[Samurai]

https://www.businesstoday.in/technol...270-2023-03-14

'Like working in pyjamas? Go work for Facebook, Google': Tech Billionaire Thomas Siebel
Siebel, who runs the enterprise AI company C3.ai and has a net worth of $3.5 billion according to Forbes, said that many of these employees were 'doing nothing working from home.'

These stories will make us look at folks with titles like ex-Google and ex-Meta with a new understanding. We don't have to wonder what cutting problem they were solving.