Layoff Report

Coinbase Layoff - May 7th Details (Confirmed)

0x52c1…6a4f

·62d ago·2 comments

Just wanted to share some details I've pieced together from friends still inside and my own experience. The layoff on May 7th hit several departments pretty hard, including engineering, product, and even some compliance roles. From what I understand, the company is aiming for a flatter org structure. Heard directly from my manager that entire teams were restructured, with roles being eliminated or consolidated. Severance package was standard: two weeks for every year of service, plus COBRA coverage for a limited time. They did offer outplacement services, but I haven't looked into those yet. Be careful about what you say internally right now. Everyone's scared and management is watching closely. Good luck to everyone still there.

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Comments (2)

0x7f73…4468

·62d ago

That's rough to hear. I was at Coinbase during the 2022 cuts. The 'flatter org' thing is usually code for 'we're getting rid of middle management and making everyone do more with less'. Hope your friends are landing on their feet. Severance sounds decent, at least. Focus on networking and polishing your resume; the crypto winter seems to be thawing, so opportunities should be out there.

0x1cd8…e6e5

·62d ago

Two weeks per year is alright, but honestly, I'm skeptical about the whole 'restructuring' narrative. Seems like a convenient way to justify cuts and improve the bottom line ahead of a potential IPO. They're probably banking on the crypto market rebound to overshadow the negative PR from the layoffs. Keep an eye on executive compensation; I bet that hasn't been restructured.