Connect with us

Hi, what are you looking for?

World News

1,500 tech jobs lost in a month: Swathes of firms slashing workforces

Axed: The brutal cuts to Facebook, Twitter and Amazon come as swathes of businesses also cut their workforces

1,500 tech jobs lost in a month: Savage cuts to Facebook, Twitter and Amazon come as many companies also downsize

Tech giants cut more than 1,500 UK jobs in a month as investors say the sector faces a toll.

The savage cuts to Facebook, Twitter and Amazon come as many companies are also downsizing.

It is believed that more than 5,000 workers employed in the UK tech sector have been made redundant this year.

Axed: The brutal cuts to Facebook, Twitter and Amazon come as swathes of businesses also cut their workforces

Axed: The brutal cuts to Facebook, Twitter and Amazon come as swathes of businesses also cut their workforces

Smaller companies such as car sales platform Cazoo, trading app Freetrade and buy-it-now company Klarna have also laid off staff.

Damien Steel, from the venture capital arm of Canadian pension titan OMERS, said investors were more cautious about the type of business they were funding.

“You have to be able to tell a story about how you’ll ever get to profitability,” he said.

“We tell the founders [of companies we invest in] it’s okay to be conservative.

“Where you needed enough money to last 18 months, we now say 36 months at least.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Business

When you apply for a personal loan, lenders first determine your credit score to know how credible and reliable you are. This means that...

Health

It’s fun to be a student, especially if you’re motivated to achieve. However, it’s getting harder for students to focus in today’s busy society....

Finance

Loans against property are a common option for people needing high-value cash. Given that its interest rates are almost 3% to 4% more than...

Business

Zion Market Research has released a new report that projects the Endotracheal Tube Securement Devices Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2018-2025. The year...