Posted on 01/12/2023 7:59:16 AM PST by dennisw
and leave and firing them without paying a bonus for their work in the past year
Goldman Sachs began slashing 3,200 jobs on Wednesday at its offices in New York, London and Hong Kong in a move to cut back on expenses Sources said the employees were axed in short meetings, and their yearly bonuses were withheld in a move to allegedly spur resignations Many former employees have already taken to LinkedIn to share their shock It comes as CEO David Solomon warned that the investment giant needed to cut costs after its workforce swelled to 49,100 while revenue shrank
Goldman Sachs has begun cutting 3,200 jobs, dismissing workers in their New York, London and Hong Kong offices in as little as 30 minutes.
As the mass layoffs began Wednesday, many employees were booted without even receiving bonuses for their work in 2022, the Financial Times reports.
The employees were reportedly axed via meetings and phone calls, with their office badges deactivated as they were escorted out of the buildings. The company will also mail personal items to the fired workers who were not in the office.
The investment banking giant is poised to lay off around 6.5 percent of its workforce of 49,000, as CEO David Solomon looks to cut expenses amid shrinking revenue.
'We know this is a difficult time for people leaving the firm,' Goldman Sachs said in a statement. 'We're grateful for all our people´s contributions, and we're providing support to ease their transitions.
'Our focus now is to appropriately size the firm for the opportunities ahead of us in a challenging macroeconomic environment.'
(Excerpt) Read more at dailymail.co.uk ...
I’ll bet the work from home crowd got fired first.
“as little as 30 minutes to clean out their desks”
Sob, sob. Poor widdle snowflakes. Lots of people have been riffed and immediately escorted out of the building. It is so easy for people to corrupt systems or steal corporate IP or customer lists, that this is the only sensible thing to do. RIFFed people are able schedule a future brief escorted return visit to collect personal belongings.
It’s a bad day for the diversity hires!
Lehman Bros 2.0?...............................
But one is supposed to give numerous weeks notice.
Some folks are realizing Musk flushed 70% of Tweater staff and it seems to be working normally...
Only giving people 30 minutes to clean out their remote desks is really mean…
I think this year will be in economic textbooks.
No it is not...
DEI has been the silver cross to wave at the industry’s vampires (SEC, FINRA) for the last 2 years.
The DEI hires are having a nice day today.
> But one is supposed to give numerous weeks notice. <
Good point. Companies expect a certain amount of consideration and loyalty from their employees. And rightly so. But companies often do not return the same.
A minor flaw in capitalism, I guess.
I've been at companies who were going to layoff and or let people go several times - there's always early indicators that it's coming and not hard to see. But a lot of people do wishful thinking that the tide will not come in and so aren't prepared. It's usually those people who do the most complaining they were not notified.....and yes boo-hoo on them for being the cause of their own misery.
Yes, it will be hailed as a banner year for Biden’s grand economic policies and a watershed moment for Democrats to proclaim them the wisest in a hundred years....................
I’ve seen people get no time to leave they were immediately escorted out by security, with no warning, usually it’s IT people who could really screw over a company if given a chance
I’ve seen people get no time to leave they were immediately escorted out by security, with no warning, usually it’s IT people who could really screw over a company if given a chance
Bottom line is you work for them until you don’t. ...Either they call it or you do..... anything else is wishful thinking.
A recession is when your neighbor loses his job. A depression is when you lose yours. R. Reagan
Another shot at the tax base in NYC, pity.
For this many to be let go at Goldman indicates that there will be little Fed cheap money around for a long time.
Yeah, that loyalty went right out the door when I was mandated to get a Moderna shot in my arm in late 2021.
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