Communications of the ACM
Tech Job Cuts Push New Grads to Wall Street
Job cuts have changed the calculus between Wall Street and Silicon Valley.
Credit: Wikipedia
The tech industry's promise of more freedom, more perks, and more money that virtually any other industry has changed in 2023. Tech companies have cut tens of thousands of jobs and lowered compensation for those who get offers. That has more young people giving finance a second look.
"There's a lot of chaos in Big Tech — we're seeing a course correction with a lot of firing," said Amy Lui Abel, a global talent partner at Lee Hecht Harrison. "But on Wall Street, you work really hard and you make a lot of money. That's the deal."
Wall Street has been affected by layoffs, lower bonuses, and hiring freezes, and prominent firms have cut positions. But it's worse in tech, which has shed nearly 200,000 jobs since October, more than twice as many as finance.
With tech companies scaling back, the calculus between Wall Street and Silicon Valley has changed. Tech industry turmoil has young people who dreamed of working in tech, and pursued degrees and internships that put them on a path to major Silicon Valley companies, turning to finance.
From Bloomberg
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