171–180 of 213 posts
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Come on, stop making up nonsense. Just to pick one example there are numerous single family homes near Cleveland on the market for under $100K.
Ah yes, a city famous for its myriad job opportunities, Cleveland.
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I am not trying to sound flippant, but layoffs happen, and especially at companies that are not doing well (and Citigroup is not managing money well) they are normal. Then, those working at Citigroup are likely to get some form of severance. While I do not know the exact composition of the layoffs I suspect that many of those are well paid and have comfortable cushion. Furthermore, US economy is still chugging along…
Unemployment is historically low, but costs are historically high. In 2008 we saw that the state change from good to bad can happen rapidly and contagiously between industries. > They can also downsize and/or move to an area with lower cost of living. No, not really. There are simply no housing units available in the US to do that. All new housing is huge 2000sq/ft +. In addition housing prices are just off the chart…
There is indeed plenty of housing scattered around the flyover counties. For sure, it is less pleasant than in a rich suburban town. Those small towns do not have walkable downtowns or many cafes and eating out means a basic diner (they do not have good restaurants and entertainment precisely because affluent families moved to metros). You are very unlikely to resell it later for a massive profit. But the basics (water, sewer, electricity, groceries) are there and one can certainly live there if laid off and not envisioning good prospects for the next few years. My 2c.
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People need to live within their means and save emergency funds, and develop marketable skills and positive work ethic.
Agree with everything, but the last point. Fuck work ethic! Take as much as you can by outputting as little as possible to keep you out of trouble. That's how it's done in this age. There is no such thing as loyalty. Employers will screw you at every opportunity. If you're smart, you'll do the same in return. This is how I've operated in FAANG for the last couple of years and I have no regrets. When I'm inevitably la…
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I personally don't think its bad if firms just find excuses to keep people on payroll, regardless of the strategic significance.
that's how companies become walking zombies with entire departments that don't do anything, and eventually go under
What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
>> The market is expecting the Fed to start cutting interest rates... However: > Just about every time the Fed started CUTTING rates dating back to 1950, the unemployment rate has spiked. [1] pic.twitter.com/DChSRJJdD7
Layoffs? Does the company have 10x the amount of people being laid off? Did it happen after performance evaluations? Yes, yes and yes? You got ranked and yanked. https://en.m.wikipedia.org/wiki/Vitality_curve Brought to you courtesy of MBA programs and their pseudoscience. Make MBAs illegal.
What's going on with all these job cuts all concentrated now? The market is expecting the Fed to start cutting interest rates[0] in March and that has been bullish for the latter half of last year in the stock market. So why are so many companies cutting people? Are the March rate cuts too little too late or do they see that some damage has already been done and they're front running that? Or is it that layoffs is th…
> What's going on with all these job cuts all concentrated now? This is how I am imagine it went down. > Excuse me, sir. The council is worried about the economy heating up. They wondered if it'd be possible to fire 500000. Maybe from one of the smaller companies where no one would notice, like one of the cab companies. > Fire one million.
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They’re the only mega bank with both a 2% cash back card and a competitive HYSA
FYI: Fidelity also offers 2% cash back with reasonable terms
Other brokerages do the same sorts of things, Fidelity isn't alone in this. Schwab went a different way and decided to just buy a bank. Instead of like the BOA/Chase versions, where they bought a brokerage.
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I worked at JPM in investment banking. At least on the IBank side, it was an incredibly well run company. I’m not gonna say there’s no bureaucracy there, but for a company with 200k+ employees it ran very efficiently. And they have always been relatively conservative, not taking on the riskiest bets that some of their peers did, which puts them into a very strong position to take advantage of downturns.
Yes they are incredibly conservative. They generally don't pay terribly well for non-revenue generating roles, for a broad definition of "non-revenue generating". I have had rounds of interviews with them over the years where they put me through a bunch of rounds, feel me out, and realize that actually.. they can't really afford me. I know people who take a job there and JPM nickel & dimes you on the way in, lies abo…
As a technology professional, I think what you describe is par for course at all the banks, and more broadly speaking, pretty much all "non tech" companies in general where tech is considered an unrespected cost center.
Tech compensation is bimodal. You have the top FAANG tier and maybe some companies one tier down where software engineers can make as much or more than medical doctors.
Then you have a sharp drop off a cliff consisting of everyone else - where a senior or staff SWE equivalent with decades of experience can expect to retire in their 60s making about as much as a upper junior FAANG engineer.
I was shocked last year when I heard my intern with zero years of experience got his offer...for about double my compensation at my last bank SWE job.