News for hackers. Stuff that matters.

A comment on Ask HN: What are the lockdown *factual* impacts on your job?.

Re:Ask HN: What are the lockdown *factual* impacts on your job? by em10fan on Wednesday April 01, 2020 @05:49AM (#22747118)
Engineering got 5-20% pay cuts, (50-100% at VP level and above), all perks cut, all the contractors got laid off, as did anyone low-skilled in Ops who has been there less than 2 years.

We are the UK arm of a US fintech.

The market is in trouble.

[ Parent | on HN ]
Re:Ask HN: What are the lockdown *factual* impacts on your job? by em10fan on Wednesday April 01, 2020 @05:53AM (#22747144)
> The market is in trouble.

To elaborate on this,

1) Banks are worried people won't pay their mortgages/loans/cards and they will crash 2) Banks therefore don't buy our stuff, or will seek to pay less for it. 3) We therefore look to cut costs

Everyone is taking the cuts, because there aren't any other firms recruiting right now.

[ Parent | on HN ]