Coinbase seems to have an extraordinary number of managers for the number of engineers who are actually shipping code.

I think there are situations where directors were managing 3-5 ICs while taking home near 7 figure total comp.

This layoff corrects some of the issue, but is likely still not aggressive enough (at least for the management stack) for the market we're in.

Much of the staff hired through the last two years does not contribute to revenue generating products -- almost everything shipped in the last two years has not added incremental revenue to the company's bottom line and the company is operating on lower revenue but much higher costs for the last year.