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125,000 people in tech have already been laid off this year. What happens next?


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Layoffs have taken place at 1525 tech companies since covid started — nearly 20 per cent of which are fintechs.

Image source: Shutterstock.

Last week, accounting software giant Xero became the latest name to be added to an unfortunately long list of tech companies that have had to make layoffs this year.

The company is set to lay off between 700 and 800 people — roughly 15 per cent of its workforce — and is the 291st fintech to make layoffs in 2023, according to layoffs.fyi.

Following the collapse of Silicon Valley Bank, there could very well be another tidal wave of layoffs on the way as startups deal with the fallout or struggle to make payroll.

Even discounting whatever the aftermath of SVB may be, more than 127,000 people have been laid off at 1525 tech companies since the pandemic started, and companies in the finance sector make up almost 20 per cent of them at 291 — the largest proportion of all companies.

That’s not even including crypto companies — add another 102 to the tally —…

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