The Hypocrisy Of Layoffs At Google, Microsoft, And PayPal

OBSERVATIONS FROM THE FINTECH SNARK TANK

This year’s steady stream of staff layoffs by technology companies began in the summer of 2022 when fintechs started cutting staff as valuations fell. In an article titled In Fintech, 2002 Is Becoming The Year Of The Layoffs, Jeff Kauflin wrote:

“Rising interest rates, worries of an impending recession and an abrupt slowdown in venture investment has caused fintech founders to aggressively reduce expenses. Every corner of the fintech industry is feeling the squeeze.”