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Last years I worked for a SJ-headquartered public company with spectacular compensation. While I was still there they stopped hiring in CA and the gossip was about TX. But on my team new roles were opened in Europe instead (surprisingly, not Eastern). The layoffs were concentrated in the Bay Area too. I heard that since then they started looking for even cheaper locations.

I have recently seen large American companies where managers/team leads are full-time employees while their teams are mostly contractors from LatAm. And even those managers are not on PST. They advertise "W2 contract-to-hire" roles here in the US though.