Sulvergate lay off 40% staff

[Yugocean]

Sulvergate Bank has fired 40% of its staff (200 workers), this bank is crypto based. This comes after the bank had to writt off $196 million that it spent to purchase Deim from Meta.

 

[Magnus2022]

It is unfortunate that staffs are losing their work due the biting inflation and economic downturn. Sadly, more sack will be expect because the inflation is becoming increasingly difficult. This is the reason why I also advise people to have other streams of income and try to improve their knowledge base.

 

[Passiveearner]

I think that this is mainly due to the fact that the company is simply not able to pay the employees. When this happens, the company simply terminates the contract with employees.

 

[Shavkat]

Can I ask why they lay off these people? I hope it is not because of the aftermath of this pandemic thing. I felt bad that a lot of people lost their jobs again.

 

[uptrendfinancialsignal]

The economic meltdown would result in laying off so many workers and this is really not a new thing at all.

 

[SHAHID987]

Layoffs can be difficult for both the affected employees and the company. The impact of layoffs can be significant, both financially and emotionally. If the affected employees are eligible, they may want to consider applying for unemployment benefits to help them during this time.

 

[uptrendfinancialsignal]

The economic meltdown has really affected so many companies and that is why they are laying off their workers.