The other FAANGs are definitely laying people off, though. I personally think the recession is a self-fulfilling prophecy, but regardless of my take on the fundamentals, it is certainly fulfilling itself and everyone in tech should be pretty worried right now. This is not the year when you're going to increase your salary by jumping to a cool startup as employee #3.
Agreed, you won't get a big salary out of the gate because unproven startups paying huge salaries are dropping like flies as the easy capital dries up. On the other hand, the likelihood of getting in on the ground floor of the next FAANG is increasing as staffing costs decrease and behavioral changes increase during a recession. EV obviously still higher at established top-of-market companies, but when has that ever not been the case?
https://www.seattletimes.com/business/google-employees-brace...
https://www.cnbc.com/2022/12/22/google-tells-employees-highe...
Ken G definitely does the "Good to Great" getting the right people on the bus thing, which typically means the bottom 5-10% are cut, but even that was slowing before I left.
My personal background is a "well known hedge fund" and the turnover there was rather high.
Many quit because it wasn't "a good fit".
HFT companies also have much higher performance bars and rates of overwork/burnout. I'm willing to bet that people are leaving Jane Street, Citadel etc. (whether voluntarily or not) at much higher rates than large tech companies like Google.
Because they are more selective about fit to begin with I wouldn't be surprised if JS has better yearly retention than most FAANGs. People seem to hop between different big tech cos quite a bit (pre hiring freezes anyway).
" Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. "
This is NOT what people like CIT, JS, etc. do.
So maybe FinTech is being hit very hard, but from what i hear Cit, JS are doing just fine (no real layoffs).
