Mark Zuckerberg dubbed 2023 as Meta’s “year of efficiency”, corporate-speak for admitting that his social-media empire was bloated. Since November Meta has cut 21,000 jobs, or about a quarter of its workforce. Bosses of its fellow tech titans have also embraced the efficiency mantra. Alphabet (Google’s corporate parent), Amazon and Microsoft have collectively shed more than 50,000 jobs since October. As big tech reports its earnings this week expect more talk of “re-engineering the cost base”. The bloodletting (in plain English) is not limited to the giants. According to layoffs.fyi, a website that tracks sackings, nearly 900 technology companies around the world have announced total job cuts of more than 220,000 in 2023.