Job losses in Ireland - Megathread

They were not able to convince the Central Bank to give a license.

They've had some issues in the UK where their controls have show there is an unacceptable high risk and also have had several warnings about their lack of regulatory foresight in Lithuania.

I think the CB called this well as Revolut seem to stick two fingers at regulation elsewhere

https://www.ft.com/content/6e7bca1a-f43a-45f1-a684-1f6cf1415e2c

In fairness the vast majority of people on this thread are in wholehearted disagreement with the OP.

This thread is even stupider than that, though - it's not even the loss of jobs, it's the loss of possible future jobs.

Revolut only employed a few people here and the articles linked to earlier mentioned they are being offered other posts (whether actually based overseas or working remotely from Dublin, either way it's a lot better than just being handed a P45)

Also most of these so-called "tech jobs" are non-tech roles like sales or customer support which just happen to be in a tech company. Revolut isn't even that, it's a sort-of-bank which just happens to do all its business over the internet.

Unless you're a developer who went bust during the crash. Regulation is only for us mere mortals.

Nowhere in the article does it say they pulled it due to "overpaid staff with no return on investment and high costs"

I'm guessing (as others have said) they pulled it due to the requirements for a banking licence being particularly strict, missing a deadline (which the article mentions) and given their reputation for adhering to regulation in other jurisdictions, failed to meet the requirements of ours, and pulled.

I get it, I get where some posters on boards are coming from, predicting job losses, recession and the arse falling out of things. I'm not saying it won't happen, these things come in cycles and always go up and down.

But employment figures are at an all time high https://tradingeconomics.com/ireland/employment-rate

Consumer spending is almost at an all time high https://tradingeconomics.com/ireland/consumer-spending

Income to debt levels are far below any point during the "boom" https://tradingeconomics.com/ireland/households-debt-to-income

And in addition, bar 2020, personal savings are at a level higher than any point since 1999 https://tradingeconomics.com/ireland/personal-savings

There seems to be this "it's coming" of late. And it very may well, but it seems to be people are hoping for it. Adding 2 and 2 and thinking it'll also mean bargain shopping and a fall in house prices.

You do know the arse can fall out of the economy and we can still have inflation right? The candle can burn from both ends. Combine that with job losses, including your own, and a lack of lending for these alleged bargain prices.

None of these anecdotal headlines can be countered by the figures above. A recession will come, but the outcome will be nothing like you think or hope for.

God forbid we have a recession, combined with high interest rates, 10+ inflation due to energy prices and a broken supply chain. But you'll have won because you saw it coming. Meanwhile a house will be 150k but you won't have a job to finance it. Or you'll have a job but day to day basics will eat away at your pay and you won't meet the parameters of a high interest loan.

how many total are employed in Leixlip ?

well I would be keeping an eye on this imho

it's a baad period for chip mfg INTC shareprice is in an almost uninterrupted slide pattern

Gelsinger has a good rep but things are bad and he might not have many options

"interesting times"

Leixlip is a manufacturing site, not sales and marketing.

They will be fine. Overall revenues will dip in the short term, long term as they transition the mfg side of the company from internal mfg only (current) to mfg for external customers (like other big fabs, samsung, TSMC, global foundries etc) their revenues will go way up.

All the large tech corporations accumulate a lot of poor performers in their growth cycles, and inevitably have to do some trimming to keep things going. This is nothing new.