Dot-Com Jobs Cuts Rise At Finance Firms - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Dot-Com Jobs Cuts Rise At Finance Firms

Dot-com jobs in the financial sector led the cuts in February and March. More traditional industries, such as finance, held their dot-com operations together through the initial bloodbath.

Dot-com layoffs rose in March compared with February, breaking a four-month streak of declining job cuts. Now, the good news: March's results are significantly lower than the figures from a year ago. That's according to a survey by Chicago outplacement firm Challenger, Gray & Christmas.

March's total (1,549) grew about 130% over February's tally (670). A year ago, it was grimmer. March 2001 saw about six times as many cuts (9,533) as last month. Of course, there are scores fewer dot-coms now, too, says John Challenger, president of the outplacement firm. For a completely different picture, set your time machine for 2000. Only 25 cuts were listed for Challenger's March report that year.

Interestingly, dot-com jobs in the financial sector led the cuts in February and March. More traditional industries, such as finance, were able to hold their dot-com operations together through the initial bloodbath, Challenger says. The units represented only a fraction of their operations and could more easily be supported than standalone dot-coms--but not forever. "Now we're seeing more financial and consumer-services companies cutting back," he says. "Although consumer confidence seems to be up, these companies have not been able to capitalize on that."

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
Slideshows
Top-Paying U.S. Cities for Data Scientists and Data Analysts
Cynthia Harvey, Freelance Journalist, InformationWeek,  11/5/2019
Slideshows
10 Strategic Technology Trends for 2020
Jessica Davis, Senior Editor, Enterprise Apps,  11/1/2019
Commentary
Is the Computer Science Degree Dead?
Guest Commentary, Guest Commentary,  11/6/2019
Register for InformationWeek Newsletters
Video
Current Issue
Getting Started With Emerging Technologies
Looking to help your enterprise IT team ease the stress of putting new/emerging technologies such as AI, machine learning and IoT to work for their organizations? There are a few ways to get off on the right foot. In this report we share some expert advice on how to approach some of these seemingly daunting tech challenges.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll