Facebook's new hiring freeze and stock slump has some insiders concerned that layoffs are coming
it was enacting a hiring pause that would first affect many levels of engineers and would expand to impact"almost every team across the company."
"My guess is there are layoffs coming," one employee told Insider. Some high-level managers are already"talking about re-prioritizing things," the person added, leading them to expect the cancellation of projects and people being let go. Certain elements of last week's memos on the freeze also have people worried and trying to read between the lines, three employees said. Facebook's chief financial officer, David Wehner, wrote that the company needs to hit"lower expense guidance," which it recently reduced by some $3 billion.
David Wehner, CFO Facebook, stands between Mark Pincus, co-founder of Zynga, and Mark Zuckerberg at the Allen & Company conference, on July 7, 2016 in Sun Valley, Idaho. Wehner noted that he would share more details with employees"as we have them," while Miranda Kalinowski, Facebook's recruiting head, wrote that she was sharing"what we know so far" in her own note. That gave the impression to some employees that the freeze was sudden and the strategy for head count was still being developed.
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