"Lol, I'd love to be fired by Twitter or Meta"
As big tech pukes staff and Twitter engineers eject themselves of their own volition, some in banking are looking on in envy.
The severance packages offered by the big tech firms look pretty good. At, least compared with banking they do.
Credit Suisse is in the process of cutting 9,000 jobs, of which 2,700 will go before Christmas. Insiders say the going rate for anyone let go is two weeks salary per year of service.
Credit Suisse cut its severance pay to this level in 2020. Historically, the norm across the industry was twice that. But it could be worse: Credit Suisse's unwanted staff could be at Deutsche Bank, where severance was cut to the statutory minimum of one week per year served in 2018.
By comparison, the engineers who didn't sign Musk's Twitter ultimatum are getting three months' severance. Amazon is considering offering three months of pay, plus one week of salary for every six months' tenure to encourage employees to quit voluntarily. And Meta is offering the terms below to US employees (with allegedly even more generous packages in London).
One junior banker says tech employees who are laid off do not know they're born. "Lol, I'd love to be fired by Twitter or Meta," he says. "They give you very generous leaving packages. Banks pay nothing at all."
This matters, with banks expected to follow technology firms in dumping staff in the New Year.
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