AM I NEXT? NO LOVE AT GOLDMAN SACHS (UPDATED)

Am I Next? Goldman Sachs — annual review layouts

UPDATE: APRIL 17, 2019 — UP TO 96 JOBS.

According to a WARN (Worker Adjustment and Retraining Notification ) filed with the State of New York, 98 employees will be phased out for “economic reasons” between May 29, 2019 and September 28, 2019. according to a

Original Post…

New York, New York-based Goldman Sachs Group Inc. announced their annual restructuring and rebalancing effort which will probably result in a reduction in force of approximately 65 jobs from its New York operations. This should come as no surprise as the firm routinely cuts approximately five-percent of the staff annually to create space for new employees. Since Goldman CEO David Solomon who replaced legendary Lloyd Blankfein last year, the entire operation has been under review. If there is any lesson to be learned, it is that employees, even top employees, working in an under-performing area are at risk, those working for a company known to prune staff periodically are doubly at risk.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT JPMORGAN CHASE (UPDATED)

Am I Next? JPMorgan Chase lays off 100 in asset management group.

UPDATE: OCTOBER 14, 2018 — ANOTHER 400 EMPLOYEES GONE

The bank has announced that it will be reducing its headcount in its consumer mortgage operations. Layoffs in Phoenix, Arizona; Jacksonville, Florida; and Columbus, Ohio will total approximately 400 employees. The decision is based on reduced market activity and mortgage servicing operations. This is an area that has been highly affected by technology as consumers choose self-service options rather than requiring human assistance.

Original Post…

JPMorgan Chase & Company, the largest bank and financial services company in the United States announced that they were responding to market shifts and were laying off 100 employees in the asset management division.

This type of staff recalibration is not usual and usually follows cost-cutting initiatives designed to improve performance and profits.

Of course, there was the usual corporate speak from a company spokesperson who noted, “We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions. Any reductions will be relatively small and will not impact our continued investment in client coverage and our business.”

One cannot help but wonder about the increasing impact of technology, especially applying artificial intelligence to portfolio management and maintenance. The ongoing review has already cost a number of employees their positions and it is likely to continue for the foreseeable future.

Are you wondering, Am I Next?