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Inflation and interest rate hikes are causing companies in every sector to lay off thousands of employees, a clear sign that a recession is coming.
Rising mortgage rates and declining home sales are shrinking brokerages’ profits. Demand was 17 percent lower than expected in May.
Compass is laying off 10 percent of its 4,800 person workforce.
Redfin is cutting 8 percent of its 6,500 employees.
The mortgage start up Better.com laid off 4,000 staff members.
Crypto markets have been wacked hard, losing over $2 trillion of value. Crypto exchanges’ profits are shrinking and so is their workforce.
Coinbase will cut 1,100 or 18 percent of its staff.
BlockFi is reducing its workforce by 20 percent.
Crypto.com is shrinking 5 percent.
Gemini Trust Co. will relieve 10 percent of its staff.
Beijing’s lockdowns, rising tensions between the U.S. and China, and Beijing’s severe regulations on the tech sector have caused IPO’s to drop 89 percent from a year ago to $1.9 billion, causing investment banks in Hong Kong to cut staffing.
Haitong International and China Merchants Bank reduced the size of their investment and equity capital departments by an undisclosed amount.
CMBI’s investment banking division lost 10 employees.
Guotai Junan International laid off several fixed income and IPO principals.
Rising interest rates, supply chain shortages, and inflation hasn’t missed the car market either.
Tesla has enacted a hiring freeze, and has floated the possibility of a 10 percent reduction or 10,000 people.
Carvana plans to lay off 2,500 employees, about 12 percent of its workforce.
DesktopMetal is cutting 12 percent of its employees.
Warner Bros. Discovery is letting go of 30 percent of its sales team.
Social app IRL lays off 25 percent of their staff.
Insurtech Policygenius gets rid of 25 percent of their employees.
TomTom fires 500 employees or 10 percent of their workforce.
Carbon Health laid off 8 percent or 250 people.
Loom cut 14 percent of its employees.
Klarna slashed 700 jobs or 10 percent.
Getir laid off 4,480 or 14 percent.
Unacademy let go of 1,000 or 17 percent of employees
TREND FORECAST: The facts are in the numbers, the employee firing rates are heating up and will keep climbing as interest rates go higher. And the higher unemployment numbers rise, the deeper economies will fall.