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Goldman Sachs to lay off up to 4,000 people
Semafor ^ | December 16,2022 | Liz Hoffman

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.


TOPICS:
KEYWORDS: bloggers; buildbackbetter; goldman; goldmansachs; jobs; sachs

1 posted on 12/17/2022 1:45:30 PM PST by Hojczyk
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To: Hojczyk

What is it these guys actually do?


2 posted on 12/17/2022 1:48:38 PM PST by Fido969 (45 is Superman! )
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A Christmas Donation would be nice
3 posted on 12/17/2022 1:49:09 PM PST by deport
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To: Hojczyk

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.


4 posted on 12/17/2022 1:59:53 PM PST by AAABEST ( NY/DC/LA media/political/military industrial complex DELENDA EST)
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To: Hojczyk

Next year is going to be a shitshow.


5 posted on 12/17/2022 2:14:52 PM PST by EEGator
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To: AAABEST
Awwww, nanny nanny boo boo.

Did they finally fire Cruz's wife?

6 posted on 12/17/2022 2:15:53 PM PST by StAnDeliver (Tanned, rested, and ready.)
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To: Fido969

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.


7 posted on 12/17/2022 2:23:51 PM PST by srmanuel
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To: Fido969

“What is it these guys actually do?”

Steal, defraud, influence elections, work hand in hand with Euroscum bankers. :)


8 posted on 12/17/2022 2:32:16 PM PST by dljordan
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To: Fido969

Get rich, get drunk, get high, bang models, retire in their early 40’s, and die by 50 on their third wife…


9 posted on 12/17/2022 2:38:58 PM PST by EEGator
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To: EEGator

Waiting for the negative!


10 posted on 12/17/2022 2:47:01 PM PST by Reily
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To: EEGator

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.


11 posted on 12/17/2022 2:50:49 PM PST by frogjerk (More people have died trusting the government than not trusting the government.)
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To: srmanuel

And don’t forget - its a sweatshop to boot.


12 posted on 12/17/2022 2:51:26 PM PST by frogjerk (More people have died trusting the government than not trusting the government.)
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To: Reily

Keep waiting…


13 posted on 12/17/2022 2:52:59 PM PST by EEGator
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To: Hojczyk

The booming biden economy again. democrat voters are directly to blame.


14 posted on 12/17/2022 2:56:17 PM PST by joma89 (Buy weapons and ammo, folks, and have the will to use them.)
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To: frogjerk

Indian and Pakistani “quants” thanks to Mike Lee (R-Bombay).


15 posted on 12/17/2022 4:26:06 PM PST by HYPOCRACY (This is the dystopian future we've been waiting for!)
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To: Fido969
The percentage you're paying is too high priced While you're living beyond all your means And the man in the suit has just bought a new car From the profit he's made on your dreams But today you just read that the man was shot dead By a gun that didn't make any noise But it wasn't the bullet that laid him to rest, was The low spark of high-heeled boys (high heeled boys)

Song by Traffic

16 posted on 12/17/2022 4:49:58 PM PST by bertmerc1 (Conservative Buddhist)
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To: Hojczyk

Aka as Goldman Sucks by at least 4000 people.


17 posted on 12/17/2022 5:01:45 PM PST by RetiredTexasVet (Biden not only suffers fools and criminals, he appoints them to positions of responsibility. )
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To: Hojczyk

Build back better!


18 posted on 12/17/2022 5:08:05 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: Hojczyk

But the economy is doing so well....


19 posted on 12/17/2022 9:18:21 PM PST by minnesota_bound (Need more money to buy everything now)
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To: srmanuel

Our country is being invaded.


20 posted on 12/18/2022 3:43:29 AM PST by joma89 (Buy weapons and ammo, folks, and have the will to use them.)
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