Fender lays off hundreds of employees

Meanwhile, Bloomberg News reported that Apple plans to slow growth in hiring and spending next year. Google told employees it would “slow the pace of hiring for the remainder of the year,” according to an internal memo from CEO Sundar Pichai obtained by The Verge. Pichai said the Mountain View, Calif.-based company isn’t freezing hiring entirely; it will still hire for “engineering, technical and other critical roles.” But stepping back will mean “pausing development and redeploying resources to higher priority areas,” according to the memo.

The memo came on the heels of Meta, formerly known as Facebook, giving engineering managers a deadline to identify anyone on their team who “needs support” and flag them in an internal HR system, reported The Information. “If a direct report is coasting or performing poorly, we don’t need them; they are dropping this company,” wrote Maher Saba, the company’s engineering manager. “As a manager, you can’t allow someone to be net neutral or negative for Meta.”

Meta CEO Mark Zuckerberg told employees on a company-wide call last month that not everyone was meeting standards at the Menlo Park, Calif.-based company. and that some may want to leave voluntarily, Reuters reported. Zuckerberg added that the company plans to cut plans to hire engineers by at least 30% this year.

“If I had to bet, I’d say this could be one of the worst downturns we’ve seen in recent history,” Zuckerberg said. “In reality, there’s probably a bunch of people in the business who shouldn’t be here.”

Over the past two months, JPMorgan Chase & Co., the largest bank in the United States, and Coinbase, the nation’s largest cryptocurrency exchange, have both laid off hundreds of employees. Streaming giant Netflix followed suit, announcing its second round of cuts in two months. Tesla went even further by closing its factory based in San Mateo, Calif., laying off hundreds of people in the process. As the housing, crypto and tech markets all face upheaval, more companies are expected to downsize in the coming months.

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