A 'wave' of layoffs is coming for $100,000/year white-collar jobs

[Zorro]

Billionaire bond investor Jeffrey Gundlach, the CEO of $135 billion DoubleLine Capital, sees the potential for a "wave of more higher-end unemployment' hitting white-collar workers making more than $100,000 per year as employers increasingly question the value these employees bring.

In 11 weeks, more than 42 million Americans filed for unemployment insurance as the COVID-19 pandemic wrecked the economy. The bulk of these job losses hit lower-income households the hardest.

"A lot of times it's not the earthquake, it's the fire," Gundlach said on a webcast for the DoubleLine Total Return Bond Fund (DBLTX), later adding that he could "easily see layoffs in various industries" affecting higher earners.

Gundlach, who runs the Los Angeles-based bond investment firm, explained that one of the outcomes of remote work is it reveals who produces and who doesn't.

https://finance.yahoo.com/news/jeffrey-gundlach-sees-unemployment-wave-hitting-white-collar-jobs-224443437.html

[fleur-de-lisa]

1. Yeah, people making $100,000 per year are the problem

not the CEOs who rake in millions, even as they kill their company, and still get multi-million dollar parachute bonuses when they leave.

That'll fix everything.

JFC.

[MenloParque]

2. Greed

Reform is needed in the C-level positions of many companies. My city has a median income of $132,000. You can’t buy a house here without a combined income of $250,000. That may sound like a lot in many parts of the country, but the San Francisco Bay Area is fucked with so much greed. You would think that schools would be flush with the newest facilities and technology from nearby tech corporations helping the community. We have a huge homeless population here...again very little help from greedy tech companies.