5 ms·

Wow big week of lay-offs between this and Robinhood

• notacoward 4y ago
  These are nothing. In 1993 IBM cut 60K jobs and Sears cut 50K. In 2008-2009 Citigroup cut 50K and GM cut 47K. Imagine the effect those layoffs had on cities where they were concentrated. If you want to talk percentages, small to medium companies lose 50-100% all the time. Even in tech we've had bigger job contractions. I was working through the early 90s when companies like Prime and Data General went under, DEC was forced into a merge with Compaq, etc. Then, of course, the dot-com boom and subsequent bust. 8% of 26K is a big deal to the people and areas directly affected, of course, but in the larger scheme of things it's business as usual.