This looks like a more nuanced pullback than back in 2008 when it seemed like they stopped hiring almost completely. Back then it was more out of fear than logic.
Due to the literal hoard of cash sitting around, any meaningful then existential threat would have required a large rapid change of the world economic order and demanded a large scale reorg and mass firings anyway - so they may as well have assumed the world wasn't ending and just kept hiring. That decision then really ended up mucking things up internally.
Due to the literal hoard of cash sitting around, any meaningful then existential threat would have required a large rapid change of the world economic order and demanded a large scale reorg and mass firings anyway - so they may as well have assumed the world wasn't ending and just kept hiring. That decision then really ended up mucking things up internally.