#2022 bank jobs

[six-of-ravens]

Oh, and another thing I learned the other day: apparently the point of raising the interest rates so much was to "discourage consumer buying" which is insane bc like, "we don't want people to buy things so we're going to raise the cost of living, and then complain when people aren't buying houses and can't afford rent or utilities" is horrible logic. But also I think Millennials and Gen Z have lived through too many harsh economic times for this to work. "I'll never be able to buy a house so I'll just keep buying my little treats" is a common mindset and, frankly, a justified one. Like yeah, the cost of takeout may have gone up a few bucks, but the cost of a house has gone up thousands of dollars. I'm no closer to buying a house than I was in 2020, and if my rent goes up another $250 next spring all the skipped lattes in the world won't help, so I'm still gonna get my little treat.

[phantomrose96]

If anyone wants to know why every tech company in the world right now is clamoring for AI like drowned rats scrabbling to board a ship, I decided to make a post to explain what's happening.

(Disclaimer to start: I'm a software engineer who's been employed full time since 2018. I am not a historian nor an overconfident Youtube essayist, so this post is my working knowledge of what I see around me and the logical bridges between pieces.)

Okay anyway. The explanation starts further back than what's going on now. I'm gonna start with the year 2000. The Dot Com Bubble just spectacularly burst. The model of "we get the users first, we learn how to profit off them later" went out in a no-money-having bang (remember this, it will be relevant later). A lot of money was lost. A lot of people ended up out of a job. A lot of startup companies went under. Investors left with a sour taste in their mouth and, in general, investment in the internet stayed pretty cooled for that decade. This was, in my opinion, very good for the internet as it was an era not suffocating under the grip of mega-corporation oligarchs and was, instead, filled with Club Penguin and I Can Haz Cheezburger websites.

Then around the 2010-2012 years, a few things happened. Interest rates got low, and then lower. Facebook got huge. The iPhone took off. And suddenly there was a huge new potential market of internet users and phone-havers, and the cheap money was available to start backing new tech startup companies trying to hop on this opportunity. Companies like Uber, Netflix, and Amazon either started in this time, or hit their ramp-up in these years by shifting focus to the internet and apps.

Now, every start-up tech company dreaming of being the next big thing has one thing in common: they need to start off by getting themselves massively in debt. Because before you can turn a profit you need to first spend money on employees and spend money on equipment and spend money on data centers and spend money on advertising and spend money on scale and and and

But also, everyone wants to be on the ship for The Next Big Thing that takes off to the moon.

So there is a mutual interest between new tech companies, and venture capitalists who are willing to invest $$$ into said new tech companies. Because if the venture capitalists can identify a prize pig and get in early, that money could come back to them 100-fold or 1,000-fold. In fact it hardly matters if they invest in 10 or 20 total bust projects along the way to find that unicorn.

But also, becoming profitable takes time. And that might mean being in debt for a long long time before that rocket ship takes off to make everyone onboard a gazzilionaire.

But luckily, for tech startup bros and venture capitalists, being in debt in the 2010's was cheap, and it only got cheaper between 2010 and 2020. If people could secure loans for ~3% or 4% annual interest, well then a $100,000 loan only really costs $3,000 of interest a year to keep afloat. And if inflation is higher than that or at least similar, you're still beating the system.

So from 2010 through early 2022, times were good for tech companies. Startups could take off with massive growth, showing massive potential for something, and venture capitalists would throw infinite money at them in the hopes of pegging just one winner who will take off. And supporting the struggling investments or the long-haulers remained pretty cheap to keep funding.

You hear constantly about "Such and such app has 10-bazillion users gained over the last 10 years and has never once been profitable", yet the thing keeps chugging along because the investors backing it aren't stressed about the immediate future, and are still banking on that "eventually" when it learns how to really monetize its users and turn that profit.

The pandemic in 2020 took a magnifying-glass-in-the-sun effect to this, as EVERYTHING was forcibly turned online which pumped a ton of money and workers into tech investment. Simultaneously, money got really REALLY cheap, bottoming out with historic lows for interest rates.

Then the tide changed with the massive inflation that struck late 2021. Because this all-gas no-brakes state of things was also contributing to off-the-rails inflation (along with your standard-fare greedflation and price gouging, given the extremely convenient excuses of pandemic hardships and supply chain issues). The federal reserve whipped out interest rate hikes to try to curb this huge inflation, which is like a fire extinguisher dousing and suffocating your really-cool, actively-on-fire party where everyone else is burning but you're in the pool. And then they did this more, and then more. And the financial climate followed suit. And suddenly money was not cheap anymore, and new loans became expensive, because loans that used to compound at 2% a year are now compounding at 7 or 8% which, in the language of compounding, is a HUGE difference. A $100,000 loan at a 2% interest rate, if not repaid a single cent in 10 years, accrues to $121,899. A $100,000 loan at an 8% interest rate, if not repaid a single cent in 10 years, more than doubles to $215,892.

Now it is scary and risky to throw money at "could eventually be profitable" tech companies. Now investors are watching companies burn through their current funding and, when the companies come back asking for more, investors are tightening their coin purses instead. The bill is coming due. The free money is drying up and companies are under compounding pressure to produce a profit for their waiting investors who are now done waiting.

You get enshittification. You get quality going down and price going up. You get "now that you're a captive audience here, we're forcing ads or we're forcing subscriptions on you." Don't get me wrong, the plan was ALWAYS to monetize the users. It's just that it's come earlier than expected, with way more feet-to-the-fire than these companies were expecting. ESPECIALLY with Wall Street as the other factor in funding (public) companies, where Wall Street exhibits roughly the same temperament as a baby screaming crying upset that it's soiled its own diaper (maybe that's too mean a comparison to babies), and now companies are being put through the wringer for anything LESS than infinite growth that Wall Street demands of them.

Internal to the tech industry, you get MASSIVE wide-spread layoffs. You get an industry that used to be easy to land multiple job offers shriveling up and leaving recent graduates in a desperately awful situation where no company is hiring and the market is flooded with laid-off workers trying to get back on their feet.

Because those coin-purse-clutching investors DO love virtue-signaling efforts from companies that say "See! We're not being frivolous with your money! We only spend on the essentials." And this is true even for MASSIVE, PROFITABLE companies, because those companies' value is based on the Rich Person Feeling Graph (their stock) rather than the literal profit money. A company making a genuine gazillion dollars a year still tears through layoffs and freezes hiring and removes the free batteries from the printer room (totally not speaking from experience, surely) because the investors LOVE when you cut costs and take away employee perks. The "beer on tap, ping pong table in the common area" era of tech is drying up. And we're still unionless.

Never mind that last part.

And then in early 2023, AI (more specifically, Chat-GPT which is OpenAI's Large Language Model creation) tears its way into the tech scene with a meteor's amount of momentum. Here's Microsoft's prize pig, which it invested heavily in and is galivanting around the pig-show with, to the desperate jealousy and rapture of every other tech company and investor wishing it had that pig. And for the first time since the interest rate hikes, investors have dollar signs in their eyes, both venture capital and Wall Street alike. They're willing to restart the hose of money (even with the new risk) because this feels big enough for them to take the risk.

Now all these companies, who were in varying stages of sweating as their bill came due, or wringing their hands as their stock prices tanked, see a single glorious gold-plated rocket up out of here, the likes of which haven't been seen since the free money days. It's their ticket to buy time, and buy investors, and say "see THIS is what will wring money forth, finally, we promise, just let us show you."

To be clear, AI is NOT profitable yet. It's a money-sink. Perhaps a money-black-hole. But everyone in the space is so wowed by it that there is a wide-spread and powerful conviction that it will become profitable and earn its keep. (Let's be real, half of that profit "potential" is the promise of automating away jobs of pesky employees who peskily cost money.) It's a tech-space industrial revolution that will automate away skilled jobs, and getting in on the ground floor is the absolute best thing you can do to get your pie slice's worth.

It's the thing that will win investors back. It's the thing that will get the investment money coming in again (or, get it second-hand if the company can be the PROVIDER of something needed for AI, which other companies with venture-back will pay handsomely for). It's the thing companies are terrified of missing out on, lest it leave them utterly irrelevant in a future where not having AI-integration is like not having a mobile phone app for your company or not having a website.

So I guess to reiterate on my earlier point:

Drowned rats. Swimming to the one ship in sight.

[jobsindia-governmentjobs]

ASSISTANT MANAGER IN IRDAI RECRUITMENT 2023

Latest all India job alert from IRDAI. The Insurance Regulatory and Development Authority of India published the most recent announcement for the hiring of Assistant Managers on April 11, 2023, through the Advt. No. HR/Recruitment/Apr/2023. On the website irdai.gov.in, eligible applicants can submit an online application for the IRDAI Assistant Manager Position 2023. The following information relates to the IRDAI Assistant Manager Recruitment 2023.

[mass-convergence]

Nothing travel related fazes me after the shit show that was Dallas.

Nothing.

[jobtamizhan]

AAI Recruitment 2022 53 Senior Assistant Vacancy

AAI Recruitment 2022 53 Senior Assistant Vacancy #jobtamizhan #govtjobs #governmentrecruitment #centralgovtjobs #tnpsc #upsc #ssc

AAI – Airports Authority of India Recruitment 2022 Inviting the Application for the Following Posts Senior Assistant. Totally 53 Vacancies are Available for This Job. Candidates Need to Apply Offline Via Posts for These Posts. the Work Location is All Over India, Central Government Official Release The Notification Interested and Eligible Candidate Please Must Check Full Notification Details,…

[rojgarkitalash]

Bank of Maharashtra Recruitment 2022

Bank of Maharashtra Recruitment 2022

Bank of Maharashtra Recruitment 2022: We Inform You On Behalf of Bank Job In India, The Bank Of Maharashtra has announced the official notification for the recruitment of Generalist Officiers In Scale-II and III Project 2023-2024. So Eligible Candidate can fill the online application form through the official notification www.bankofmaharashtra.in. All the details related to Bank Of Maharashtra…

[bestgovtjobworld]

NCL Recruitment 2022 | 405 Mining Sirdar & Surveyor Posts Recruitment Live Now.

NCL Recruitment 2022 | 405 Mining Sirdar & Surveyor Posts Recruitment Live Now.

NCL Recruitment 2022: Apply 405 Mining Sirdar & Surveyor Posts across India!! Northern Coalfields Ltd has advertised a notification for the recruitment of 405 Posts, Northern Coalfields Ltd has advertised a notification for the recruitment of 405 Posts Candidates who want to get Central Govt Jobs in MP State Kindly use this chance. It has now circulated a new notice…

[marilynngmesalo]

Trust Bank Limited Job Circular 2022 | স্নাতক পাসে চাকরি দেবে ট্রাস্ট ব্...

[tamilan-employment]

Federal Bank Recruitment 2022 | Junior Management Grade Posts

Federal Bank Recruitment 2022 | Junior Management Grade Posts

Federal Bank Officer in Junior Management Grade – I Post Recruitment – 2022 Applications are invited from eligible candidates for the vacant post of Junior Management Grade I posts in the Federal Bank. Federal Bank Recruitment 2022 1. Name of  the Post: Officer in Junior Management Grade – I Salary Details: Rs. 36,000 – 63,840 /- Age Limit:  Candidates Shall not exceed 27 years as on 01.11.2022…

[governmentjobsworld]

டிகிரி தேர்ச்சி பெற்றவர்களுக்கு வங்கியில் பணியிடங்கள் வெளியாகியுள்ளன..!

டிகிரி தேர்ச்சி பெற்றவர்களுக்கு வங்கியில் பணியிடங்கள் வெளியாகியுள்ளன..! #SBI #Facebook #bank #bankjobs #jobrascals

பாரத ஸ்டேட் வங்கியில் மேலாளர் பணியிடம் நிரப்புவதற்கான அறிவிப்பு வெளியாகியுள்ளன. மத்திய அரசு இந்த அதிகாரப்பூர்வ அறிவிப்பினை  வெளியிட்டுள்ளது. பாரத ஸ்டேட் வங்கியின் மேலாளர் பணிக்கு விண்ணப்பிக்க ஆர்வமுள்ளவர்கள் 22/11/2022 முதல் 12/12/2022க்குல் ஆன்லைன் மூலமாக விண்ணப்பிக்கவும். இப்பணிக்கு விண்ணப்பிக்கும் நபர்கள் விண்ணப்பிக்கும் முன்பு கீழே கொடுக்கப்பட்டுள்ள பணிக்கான கல்வித் தகுதி , வயது விவரம் , …

[workforcekolkata]

Jana Small Finance Bank hiring for MIS analyst in Kolkata - Jobs 2022

Jana Small Finance Bank hiring for MIS analyst in Kolkata – Jobs 2022

Job Highlights Fresher can applyBasic Knowledge in SP / POSP certification enrolmentMax Age – should beExperience in data reconciliation Job description Walking Interview – Saturday, 19-11-202210Am – 2 Pm Roles and Responsibilities – To support zonal and regional business by providing business intelligence in the form of summarized data, reports and analysis.Understand key business metrics…

[jobtamizhan]

AAVIN Kanyakumari Recruitment 2022 01 Veterinary Consultant Vacancy

AAVIN Kanyakumari Recruitment 2022 01 Veterinary Consultant Vacancy #govtjobs #upsc #ssc #currentaffairs #gk #ssccgl #ias #jobs #governmentjobs

AAVIN Kanyakumari Recruitment 2022 Apply 01 Veterinary Consultants Vacancies » Official Notification Released. Tamilnadu Government Official Release The Notification Interested & Eligible Candidate Please Must Check Full Notification Details , Education Details , Salary Details , Age Relaxation , Vacancies Details, Address Details Next Strat The Apply Process Eligible Candidate Apply Vacancies…

[srivrocont]

Jana Small Finance Bank hiring for MIS analyst in Kolkata - Jobs 2022

Jana Small Finance Bank hiring for MIS analyst in Kolkata – Jobs 2022

Job Highlights Fresher can applyBasic Knowledge in SP / POSP certification enrolmentMax Age – should beExperience in data reconciliation Job description Walking Interview – Saturday, 19-11-202210Am – 2 Pm Roles and Responsibilities – To support zonal and regional business by providing business intelligence in the form of summarized data, reports and analysis.Understand key business metrics…