Even the layoff at Tech is so much better than Bank
Meta announces huge job cuts affecting 13%, 11,000 employees.
Severance Package:
- 16 week + extra 2 weeks/year tenure
- Nov 15th RSU vest
- 6 month insurance
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Idk who needs to hear this but Tech and IB jobs are not even close to being substitutes for one another and this is a finance forum for people whom the majority are interested and working in finance and have no interest in being a coder.
Idk why people are obsessed with comparing Finance to Tech. I don't care what Tech pays or how many hours they work. I don't want to work in Tech. It's just such a random comparison and people act like the two are borderline interchangeable and that anyone who goes into IB must SURELY have also considered a coding role. The vast majority of us don't give a shit lol. We like finance, so we work in finance.
Then you have all these Tech morons that come to the forums saying stuff like "bro what a cope u know tech has way better hours", it's like dude nobody here cares about Tech jobs. It's a total non-sequitur in discussions about finance. It's like hopping into a discussion about motorcycles with a bunch of bikers and raving about how many MPG the new Prius gets. We don't care bro. None of us ever considered it or ever will.
bro what a cope u know tech has way better hours
Agree with most of your comments but want to say that in some aspects it does matter.
Why have banks raised analyst/associate salaries and started wfh policies? Is it because firms actually started to 'give a shit' about the well-being of 20-something individual folks? No, it's because they were losing talent to other industries (ex. tech). If tech starts laying off mass people (probably inevitable) and there is a hiring freeze, what incentives do banks/firms have to I) increase pay ii) improve WLB when they know that employees don't have any other leverage?
At the end of the day whether you work at FANG or IB at the analyst-VP level (and whatever equivalent it is in tech) you're just a cog in the machine and you want other industries to be paying well so that banking (or finance broadly) keeps up and continues to pay better to 'compete for talent. People think tech as just software engineering but I'm thinking roles such as PM, corp finance, strategy, etc. roles that many people have chosen to take instead of banking.
Yeah comparing a job in tech to a job in finance is dumb but to ignore the implications that the tech industry had and will have on finance is IMO a bit ignorant
IDK what firm you work at but from 2020 - 2022, tech was the second most popular exit from IB among all my friends in the NYC/SF/LA Finance scene, only narrowly beaten by PE (and even many people who went to PE seriously considered tech). So yes, it is extremely inaccurate to say people in finance don't care. Tech is a very comparable industry in that regard.
The only thing we disagree on is semantics. Talking about doing Corp Dev, FP&A or Business Analysis as a substitute for banking makes sense because you're still comparing a Finance role to what ultimately boils down to a Business/Finance role, that just so happens to be at a firm within the Technology sector.
For example if I leave IB to do Corp Dev at Amazon, I wouldn't see that as me choosing Tech over Finance. I'm just doing finance at a firm that happens to be in the Tech sector. My comment was more referring to people that compare SWE jobs to IB as though there is any similarity. Most of the comments I see here about comp/hours in "Tech" are people referring to what SWEs make and how much they work. People doing Corp Dev, Business Analyst (PM roles) and FP&A are all still working a finance gig whether they do it at Amazon or Nestle or Walmart or Tesla or GE or Raytheon. If someone takes a Corp Dev job at FedEx, I wouldn't be like "Damn man my boy left finance for the Shipping industry and he's crushing it. People who work in Shipping and Trucking have better hours and make almost as much money as people in Finance".
Regardless, your point is well taken.
People see high pay and that it’s attractive to students from targets and voila. The reality is people should pursue the career where they have the best chance of being substantially above average.
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Agreed - if I was smart enough for SWE I wouldn't be in IB lmaooooo
Lol let’s see those twitter packages…
Let's see Paul Allen's severance package
I heard it’s printed with raised lettering and it even has a watermark.
I was curious about this too. Looks like a 3-month package, but with no mention of RSU vesting.
https://twitter.com/elonmusk/status/1588671155766194176
Cool bro but people working at EBs actually get paid what they worked for (actual cash) unlike meta SWEs who saw their comp cut in half because of the share price tanking lol. Nice severance package tho
Stupid Intern moment. If an EB has a shit year similar to meta, they don't "still get paid" they will get reduced bonuses. Everyone has a salary, no fucking shit. Whether you get half your RSU target or half your bonus target, it's the same thing. Arguably the EB is worse because bonuses are annual while RSU vesting is quarterly or monthly, so at least in the case of a place going down like Meta, you can leave halfway through a year and still get half your RSU for the year.
.
This comparison is still meaningful because the tech company layoffs affect not just the SWEs, but all other roles including finance positions. And that difference absolutely matters to both employers and employees across different sectors. It becomes an additional factor to consider when you have an option to choose a finance role between banks and tech companies.
A 50% layoff (Twitter) is pretty fucking bad though lol.
Even CS didn't do a 50% cut in bankers.
Ah, yes. When I witness 11,000 people at a single company lose their jobs, I naturally think "damn I wish I was one of them."
The tech sector has always been cyclical and a correction is long overdue. Having worked in the SF Bay area since the early 90s I've seen this happen multiple times.
Regardless of the severance packages being offered the real story here will be the difficulty these people have finding comparable jobs. Many will take huge pay cuts which won't work well when living in such an expensive area.
People need to realize that the vast majority just don't care at all about tech on here. It has its merits but we're not here to obsess over tech jobs or hours
My buddy got laid off Meta and now he is chilling. 4 month paid vacation, tough to complain
So many friends to hang out with on the streets of San Francisco as well!
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