In Tech, Layoffs Are Old News (There’s a New Kid on the Block)

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The Street

By Luc Olinga Last year the tech sector cut nearly 100,000 jobs. The pace has accelerated this year — but investor attention has turned to the Next Big Tech. The phenomenon has inspired an expression that says a lot about its importance: theWhite-Collar Recession. Behind the label hide waves of job cuts in tech, which is rediscovering austerity after two years of crazy spending and massive recruitment. It’s a bit like the tale of ‘The Grasshopper and the Ant’ by the French fabulist Jean de La Fontaine. The ant spent the summer harvesting the foods it needed to survive and then storing them. T…

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