One of my replies from months ago about it:
There is a difference between 'financial problems' and "the market has changed we don't need you anymore and the even larger profits are down (or negative)" so it's time to reduce headcount. As I posted elsewhere many tech businesses don't do layoffs when they are doing well. It's the keep them around just in case we need them mentality. In this bear market, you can't just keep some people.
I know someone who was just let go from Gemini. As she put it: Now she gets to spend the summer living off her severance package while doing nothing. As opposed to getting her regular paycheck to do nothing. The project her group was working on ended sometime in late 2021 with the deployment in early 2022. For the last 3 months she joked that her job was head youtube video watcher. So them letting those people go was not a surprise to any of them. BUT had this been a bull market they probably would still be there waiting for the next project while watching videos.....
I know someone who was just let go from Gemini. As she put it: Now she gets to spend the summer living off her severance package while doing nothing. As opposed to getting her regular paycheck to do nothing. The project her group was working on ended sometime in late 2021 with the deployment in early 2022. For the last 3 months she joked that her job was head youtube video watcher. So them letting those people go was not a surprise to any of them. BUT had this been a bull market they probably would still be there waiting for the next project while watching videos.....
Laying people off may or may not be an indicator of financial issues. But, it's usually not a good one specifically in the tech and financial markets. And lets face it, exchanges are more or less in both of those. They keep people that may or may not be needed just in case, and they do massive hiring to get things done 'yesterday'.
-Dave
