edited by: Mohammad Haris
Last Update: January 16, 2023, 11:36 AM IST
Goldman Sachs may cut up to 8 percent of its workforce, or up to 4,000 jobs, to stem the fall in profit and revenue. (Photo: shutterstock)
Many Goldman Sachs employees were summoned to meetings as early as 7.30 a.m., and some junior bankers were given only 30 minutes to pack up and leave
Goldman Sachs called some of its banker employees to its New York headquarters to hold mock trading “meetings” and handed them pink slips. new york post, The fired employees were given the option to leave the office immediately.
Calendar invitations were emailed to bankers calling them to “meetings” at headquarters new york post The report said that many workers of Goldman Sachs were called for the meeting as early as 7.30 am. Some junior bankers were also given only 30 minutes to pack their bags and leave.
The report quoted a source as saying, “He arrived here early for the meeting and was informed…the meeting was put on his calendar under false pretenses.”
It added that “the managers were sorry to have to do this but their hand was forced and they wished him all the best”.
according to new york post In the report, fired employees were given the option of leaving the office immediately or waiting for co-workers to arrive so they could say goodbye. Most of the casualties chose to exit the building after the wave of axes carried out before 9 a.m.—leaving colleagues who filtered in afterwards confused at what had happened.
Goldman Sachs may cut up to 8 percent of its workforce, or up to 4,000 jobs, to stem the fall in profit and revenue.
The layoffs are the latest sign that cuts are accelerating on Wall Street as dealmaking dries up. Investment banking revenue has declined this year amid a slowdown in mergers and share offerings, a sharp reversal from a blockbuster 2021 when bankers received big pay scales.
Goldman Sachs had 49,100 employees at the end of the third quarter after adding a significant number of employees during the pandemic. According to a filing, the workforce stood at 38,300 at the end of 2019.
Recently, Goldman Sachs CEO David Solomon said in a message to employees, “We are conducting a careful review and discussions are still ongoing, we expect to reduce our workforce on the first of January.” The first half will see… factors impacting the business outlook, including tightening monetary conditions slowing economic activity. For our leadership team, the focus is on preparing the firm to deal with these headwinds.”
Trading and investment banking — the traditional drivers of Goldman’s profit — accounted for about 65 percent of its revenue at the end of the third quarter, compared with 59 percent in the third quarter of 2018, when Solomon took the top job.
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