Two more San Francisco tech companies join layoffs

[January 13, 2023](Compiled and reported by Epoch Times reporter Xue Mingzhu)downsizingContinue to sweep the Bay Areatechnology company.In the past two days, the two headquarters are located inSan Franciscooftechnology companyjust laid off hundreds of tech workers.

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Supply chain management company Flexport announced on Wednesday (January 11) that it will lay off about 20% of its global workforce, or about 640 employees, according to a memorandum from its co-CEO.

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According to an announcement on Tuesday, Blend, a mortgage-focused financial technology company, plans todownsizing28% of the employees, about 340 people. This is the company’s fourth round of layoffs within a year.

Companies ranging from start-ups to established tech companies such as Salesforce, Facebook parent Meta and Twitter have slashed their workforces. Layoffs in the tech industry have become an almost daily phenomenon as companies retrench spending.

Despite the wave of layoffs at technology companies, economists and experts say they don’t necessarily herald a recession or economic collapse.

Flexport co-CEOs Dave Clark and Ryan Petersen issued an announcement saying the job cuts were in response to a “macroeconomic downturn affecting businesses around the world”. When business volumes are down, the company needs to focus on building technology and double its software engineering staff, they said.

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“We will come out of this recession and prepare for any battle, doing our best to continue to provide customers with excellent value and service.” The announcement said.

Depending on the job title, fired employees receive different severance packages. For most U.S. workers, this will include 12 weeks of pay, six months of extended health coverage and bonuses earned in 2022, the announcement said.

In a statement, Blend said the layoffs were part of a plan “to rationalize the company’s cost structure, focus its investments on the highest potential growth opportunities, and realign its leadership to move the company from a product company to a platform company.” transformation”.

The plan also includes adjustments to the leadership team, primarily the firing of its company president, Tim Mayopoulos, though he will remain on the board. ◇

Responsible editor: Song Jiayi