Posted on 12/17/2022 1:45:30 PM PST by Hojczyk
Goldman Sachs plans to lay off as many as 4,000 employees as it struggles to meet profitability targets and retreats from its gamble on Main Street banking, people familiar with the matter said.
Managers across the firm have been asked to identify low performers for what could be a cut of up to 8% to its workforce early next year, the people said, with some cautioning that no final list has been drawn up.
Those cuts appear to be much deeper than ones taking place at other Wall Street firms like Citigroup, which is letting go of dozens of staffers amid a market downturn, and Barclays, which is laying off about 200 people, CNBC reported.
In a typical year, between 2% and 5% of Goldman’s employees are laid off or receive no bonus — “zeroed out” in industry parlance, a clear sign to start looking for another job. Like other firms on Wall Street, Goldman skipped these cullings in 2020, because the pandemic made them insensitive, and in 2021, because boomtime profits made them unnecessary.
Now, though, CEO David Solomon is falling short of a profitability goal he set in February. The dealmaking and fundraising booms have vanished, and Goldman’s big bet on consumer banking hasn’t paid off. The firm has lost billions of dollars building a tech-forward Main Street bank, called Marcus, that isn’t yet profitable.
Goldman’s workforce has swelled by a third since Solomon took over in 2018 to more than 49,000 now, largely due to a hiring spree in engineering and Marcus. Acquisitions added some, too: GreenSky, a specialty lender, had about 1,000 employees when Goldman bought it earlier this year.
What is it these guys actually do?
If the lights at GS went out altogether it would be a win for America.
The move out of NYC surprised me. End of an era and IMO doesn’t bode well for the company, Wall Street or the NYC.
Next year is going to be a shitshow.
Did they finally fire Cruz's wife?
Goldman-Sachs is a company that is a symbol of what is crushing this country.
They basically move money around and profit by suckering people into taking in worthless investments and collecting fees for doing so.
They make nothing and create nothing in the process.
Their executives come and go into government and Federal Reserve under Administrations from both parties.
I realize we need a healthy and productive Wall Street, but it can’t be the main thing we do in the USA.
IMO, one of the main things that accelerated the downfall of the USA was the repeal of the Glass-Steagall Act under Bill Clinton, which allowed commercial banks to engage in investment banking activities.
“What is it these guys actually do?”
Steal, defraud, influence elections, work hand in hand with Euroscum bankers. :)
Get rich, get drunk, get high, bang models, retire in their early 40’s, and die by 50 on their third wife…
Waiting for the negative!
All of the pre-election hype of the greatest economy ever is being shown to be the BS that it was. The Biden boom is the sound you hear after Taco Tuesday at the White House.
And don’t forget - its a sweatshop to boot.
Keep waiting…
The booming biden economy again. democrat voters are directly to blame.
Indian and Pakistani “quants” thanks to Mike Lee (R-Bombay).
Song by Traffic
Aka as Goldman Sucks by at least 4000 people.
Build back better!
But the economy is doing so well....
Our country is being invaded.
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