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Klarna – Company announcement from CEO regarding layoffs

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Re: Klarna – Company announcement from CEO regarding layoffs

#121

Post by nisse2000 »

tilt_error wrote: post #110
Raminj95 wrote: post #102

Earlier quoted context omitted.

What is the first in first out rule? Does it mean that the people that joined the latest will be the first ones to go? And also is this a law or something that usually happens but not necessarily? Asking because I work in Sweden and I was not aware of something like this.

(S)he was wrong. There is no first-in-first-out principle in Sweden, neither by law nor by practice. Instead the last to enter _may_ be the first to leave, but the employer can choose to withhold two persons. Also, this arithmetic is determined per "office" so depending on how you organise the workforce you can, at least in principle and to some degree, select who has to go.

Yes last-in-first out. My guess here is that they need to figure the points out that you mention so it's hard to say "we're letting X amount of people go".

Re: Klarna – Company announcement from CEO regarding layoffs

#122

Post by brtkdotse »

nindalf wrote: post #76
altdataseller wrote: post #11

“ As much as we may like it to be the case, Klarna does not exist in a bubble” Klarna can only exist in a bubble.

Why is this? Aren’t credit products something that consumers have used for decades? Is there something about Klarna that makes it unsuitable to use? If you’re talking about securing funding to do the lending, then sure that makes sense. Is that your concern or is it around the business model itself?

Not the OP, but as I see it Klarna need a steady stream of cheap credit to be able to offer their services. If that stream gets less steady and/or less cheap, the whole calculation falls apart.

Re: Klarna – Company announcement from CEO regarding layoffs

#123

Post by ganoushoreilly »

ushakov wrote: post #38
ganoushoreilly wrote: post #8

Another indicator consumer spending is dropping and costs are going through the roof. This is probably the first of a bunch of layoffs sadly. I expect Finances (Banks / Mortgage providers) are going to be aggressively reducing headcounts in the near future. One side of my family is heavily in that industry and they're all extremely nervous. Sorry for anyone that lost their role, it's always tough to lose a job regard…

look out for yourselves too startups can’t exist without free vc cash that’s going to be tight soon-ish

Oh for sure, if you're not cashflow positive and are looking for Series A / Series B I expect to see the purse strings tightening up hard. Already have a few friends at firms saying they're having to be more restrictive / selective than before.

I can throw a stone to about 15 startups near where i'm at that are all in tight cash mode already, not really making a whole lot and are hoping for a big raise. None of them that I know personally have metrics that will pass the test. :(

Re: Klarna – Company announcement from CEO regarding layoffs

#124

Post by amandare »

Melchizedek wrote: post #117
celdon25 wrote: post #80

Earlier quoted context omitted.

My company does an IQ test for interviews, but I rank it among the top places I've worked at in my career. Do you have any evidence that IQ tests are only done by companies that are bad places to work at?

It's the other way around. I've worked for a company that did (de facto) IQ tests before hiring. It was great. Everyone was intelligent, thoughtful and efficient and the company was successful. The problem was the owners (who of course had not taken any test). They were a mix of crazy and stupid, and the staff had to continuously work around them.

I don't think I would ever work for a place that required IQ tests because that would mean that they didn't not just understand the racist and ableist origins of IQ testing (which is a red flag for an employer, imo) but they also were ignorant of the fact that they don't actually tell you much. Using IQ tests as a meaningful way to measure intelligence has long been debunked by academics who study intelligence.

Re: Klarna – Company announcement from CEO regarding layoffs

#125

Post by CogitoCogito »

rbrtdrmpc- wrote: post #83
nisse2000 wrote: post #48

Earlier quoted context omitted.

From a Swedish perspective this is probably a "varsel" which is prior notice that they intend to do layoffs. You can't just fire people in Sweden so this is a first step. They have to give notice that they intent to layoff people to the different unions and then start the process. In other countries where they operate it's probably very different? My guess is it will vary a lot how they do this because of first-in-fi…

As one of the candidates to being lay off, not everyone is covered by Swedish law, and in my situation I’ll be completely under the scope of being impacted, which sadness me because the overall experience with the company was the best I ever had. Fucking hell I’m actually pissed.

You a consultant? Or on probation? Or in another region?

Re: Klarna – Company announcement from CEO regarding layoffs

#126

Post by codefreeordie »

vinyl7 wrote: post #103
sharken wrote: post #62

Earlier quoted context omitted.

With COVID becoming just another disease and the uncertainty from the war in Ukraine, it will only be worse from now on for consumer spending. A lasting peace for Ukraine needs to happen before that will change. And with Ukraine not willing to give any territory to Russia, that peace seems very far off. A coup in Russia could change that, but a coup seems very unlikely.

This has nothing to do with Ukraine, and everything to do with inflation and insane increases in the cost of everything.

It has a little bit to do with Ukraine, insofar as energy is having its own shortage exacerbated by the conflict on top of the massive inflation that would probably create demand destruction all on its own.

Re: Klarna – Company announcement from CEO regarding layoffs

#127

Post by datalopers »

wbsss4412 wrote: post #73
datalopers wrote: post #25

Earlier quoted context omitted.

Klarna’s income is tied to consumer discretionary spending which is falling off a cliff.

Consumer spending is continuing to steadily grow.[0] [0] https://fred.stlouisfed.org/series/PCEC96

Look at volumes, not just $. Volumes are down Y/Y while $ is just slightly positive due to inflation.

Or just look at Target’s Q1 results and guidance from last week.

Re: Klarna – Company announcement from CEO regarding layoffs

#129

Post by wbsss4412 »

datalopers wrote: post #127
wbsss4412 wrote: post #73

Earlier quoted context omitted.

Consumer spending is continuing to steadily grow.[0] [0] https://fred.stlouisfed.org/series/PCEC96

Look at volumes, not just $. Volumes are down Y/Y while $ is just slightly positive due to inflation. Or just look at Target’s Q1 results and guidance from last week.

The chart I linked is inflation adjusted.

Re: Klarna – Company announcement from CEO regarding layoffs

#130

Post by distracted_boy »

nowherebeen wrote: post #28

Klarna seems like horrible company to work for from what I have read on HN. IQ test for interviews, mass layoffs with little self awareness, and very low pay compared to the US.

Comparing Swedish salaries to US salaries is a bit unfair.
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