Meta falls in confidence in its head Mark Zuckerberg amid the crisis and the firing of employees, writes The Washington Post (WP), citing more than two dozen current and former employees of Meta, who wished to remain anonymous.

The publication notes that last November, the company announced the dismissal of 11,000 employees; now the total number of employees dismissed will exceed 20,000. The new layoffs became known from the recording of the meeting inside the company, which came into possession of the newspaper. Other problems include investments in the “metaverse” that do not show a quick payback, WP points out.

According to Meta employees, Zuckerberg has lost his vision and is leading the company to a “crisis of morale. The newspaper cites its source as saying that an internal survey conducted in October showed that only 31% of employees said they were confident that Meta’s leadership is leading the company in the right direction. In May 2022, there were 11% more.

“What was special about Meta was the confidence. <…> But that’s been destroyed, so it feels like a betrayal,” one current employee told the paper.

As WP notes, Meta used to actively recruit, offering candidates high salaries and generous benefits. During the pandemic, it hired more than 40,000 people. As the newspaper’s sources noted, Zuckerberg often made hiring decisions over the objections of other executives. Now he is taking part in downsizing.

However, other IT giants are pursuing a similar policy now, amid global economic instability. For example, online retailer Amazon announced about nine thousand job cuts in March. Like Meta, the company laid off about 10,000 more employees last November.

Earlier, we reported that Credit Suisse ended the quarter with a profit of 12.8 billion francs thanks to a bond write-down.