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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#191

Post by kodah »

eganist wrote: post #186
kodah wrote: post #152

Earlier quoted context omitted.

I've worked on security products as a SWE and as a SRE over critical systems, I've never seen this kind of behavior. This says a lot about the relationship Bryan and his team have with the people that work with them, imo. Edit: not sure what's up with the current iteration of the HN crowd, but downvote is not equal to "I disagree".

It's as old as time. Or at least as old as the first few times mass layoffs and networked employee devices co-existed. https://www.nytimes.com/2001/03/21/jobs/laid-off-and-locked-...

Some companies do it, sure, but I wouldn't call it normal or acceptable. In fact, it's kind sleezy.

Re: Coinbase Announces 18% Layoffs

#193

Post by kgermino »

samwillis wrote: post #128
Barrera wrote: post #60

> If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensu…

To be honest this is the more concerning thing in that quoted statement: > "Given the number of employees who have access to sensitive customer information" Surly they should have very very few employs that have access to that type of information?

Every tier 1 support rep needs to be able to pull up at least some of my account information. Sure IT and other internal teams shouldn't have direct access, but when your business is managing other people's accounts/money a lot of people will need to have access to customer data.

Re: Coinbase Announces 18% Layoffs

#194

Post by FabHK »

Maxious wrote: post #116
PhoenixReborn wrote: post #101

Earlier quoted context omitted.

I suspect most of the layoffs are in the US, where no such protections apply.

> California’s Worker Adjustment and Retraining Notification (WARN Act). Under this Act, the right of employers to lay workers off for reasons bordering on business necessity is curtailed. Employers who plan to lay 50 or more employees off within a 30-day period must give them a 60-day notice before taking such actions.

As they are given 14 weeks severance, would it not be possible to give them 60 day notice (=9 weeks, say), which they are required to be outside the office, and then the remaining 5 weeks severance?

Re: Coinbase Announces 18% Layoffs

#195

Post by ace32229 »

chrisseaton wrote: post #61
blowski wrote: post #53

Why has the crypto boom and bust lined up so closely with the COVID pandemic? Is it a coincidence or is there some underlying cause?

People needed a hobby, I think. Now they're outside again.

Also, an outlet for gambling urges while a lot of sports events were cancelled. Now, they're betting on sports again.

Re: Coinbase Announces 18% Layoffs

#196

Post by adam_arthur »

desas wrote: post #90
seibelj wrote: post #17

Crypto is clearly crashing but I’m more curious if a reckoning will hit FAANG, particularly Google. I know one person there who is the spouse of a good friend, and they make nearly 7 figures as a middle manager (although I’m unsure what happens with the stock declines and RSUs). Can these companies support legions of absurdly highly paid people? GOOG is down 25% this year, what will happen when it drops 50%?

Google made $18000000000 profit last year. It could pay employees out of cash revenue, not out of stock prices if it wanted. I don't know about Google in particular but I think RSUs are generally issued in terms of an amount of stock, not a dollar amount. As the share price goes down then Google becomes less competitive against companies with a more stable stock price who also issue RSUs.

Share price falling makes RSUs more attractive for new employees, assuming the company continues to issue the same number of shares.

It's bad for existing RSU holders though

Re: Coinbase Announces 18% Layoffs

#199

Post by loehnsberg »

a_chris wrote: post #131
nemo44x wrote: post #72

Earlier quoted context omitted.

Pretty standard to not let terminated employees hang around. It feels cold but it’s just the way it has to be. Sone places will even do this when an employee submits a resignation on good terms. Just a way for the company to cover themselves.

This is absolutely untrue. In Europe we work several days/weeks after the layoff notice. You can fire people from the night to the morning only in US

Employees from the HN sphere maybe, but ask a temp worker. They can get fired on the spot — in Germany!

Re: Coinbase Announces 18% Layoffs

#200

Post by mezi »

a_chris wrote: post #131
nemo44x wrote: post #72

Earlier quoted context omitted.

Pretty standard to not let terminated employees hang around. It feels cold but it’s just the way it has to be. Sone places will even do this when an employee submits a resignation on good terms. Just a way for the company to cover themselves.

This is absolutely untrue. In Europe we work several days/weeks after the layoff notice. You can fire people from the night to the morning only in US

You are mixing things up: It's possible to get fired on the spot in EU as well. You'd most likely receive a generous package but it can happen.
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