This year, we have seen 250,000 layoffs in tech.
Between 2022 and 2023, ~415,000 tech layoffs occurred.
However, the layoffs were vastly limited to tech over the last couple of years.
It may now be spreading.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) November 17, 2023
Mortgages down 50 %.
Commercial Real Estate tanking.
Car repos skyrocketing.
Credit card defaults rising fast.
Deposits falling like crazy.
And on and on.
Just a bad scene for the banks.