Bay Area sees mass layoffs in tech and biotech industries

Recession fears have reportedly prompted mass layoffs in Silicon Valley. That has naturally prompted concern over the impacts the job losses will have on the local economy.

Here are some of the recent developments:

  • Google said it would slow its hiring pace and cut back on expenses such as business travel .
  • Intel is anticipating layoffs in the thousands, according to Bloomberg. Although the company employing 8,400 people in Silicon Valley has not yet confirmed the plans, an announcement is expected in the coming days.
  •, based in Santa Clara, laid off an undisclosed number of employees last month, citing the slowing real estate market. About 10% of the company’s employees are located out of the Bay Area. It is not clear what percentage of this group was affected by recent cutbacks.
  • Netflix announced plans to cut spending earlier this year and began laying off employees in the spring. A number of journalists for the company’s entertainment site Tudum were let go in late April, followed by internal layoffs through the summer totaling over 400.
  • Oracle and BioMarin, headquartered in San Mateo and Marin counties, are among other Bay Area companies experiencing notable layoffs. 

Local experts are wary of the impacts of this trend.

“If we’re losing some of those high paying jobs, that starts to have a downward spiral effect,” Silicon Valley Central Valley Chamber’s President and CEO Christian D. Malesic told ABC 7, “It has to be something we get a grip on very quickly so that we stop, or it spirals very quickly downward.”

Malesic also believes that, “we’re going to get it all back in shape and we’re going to be going in the right direction and that’s up.”

Experts say it will be up to local leaders to mitigate the impacts tech layoffs will have on the region and its residents.