JUNE 25, 2023 — 125 MANAGING DIRECTORS
Approximately 125 managing directors, including some in investment banking, are targeted in a cost-cutting initiative designed to align headcount with existing business trends.
JANUARY 8, 2023 — 3,200 NEXT WEEK?
Per Bloomberg…
The firm is expected to start the process mid-week, and the total number of people affected will not exceed 3,200, according to a person with knowledge of the matter.
More than a third of those will likely be from within its core trading and banking units, indicating the broad nature of the cuts. The firm is also poised to unveil financials tied to a new unit that houses its credit card and installment-lending business, which will record more than $2 billion in pretax losses, the people said, asking not to be identified as discussing private information.
DECEMBER 12, 2022 — 4000 EMPLOYEES TARGETED FOR LAYOFF
Goldman Sachs Group may eliminate as many as 4,000 employees or roughly 8% of the workforce as they execute their cost-cutting initiative.
CEO David Solomon noted, “We continue to see headwinds on our expense lines, particularly in the near term. We’ve set in motion certain expense-mitigation plans, but it will take some time to realize the benefits. Ultimately, we will remain nimble, and we will size the firm to reflect the opportunity set.”
Chief Executive Officer David Solomon needs those cuts to offset their declining revenue and profits.
DECEMBER 12, 2022 — 400 EMPLOYEES TARGETED FOR LAYOFF
The financial media is reporting that the bank is “drafting plans that could eliminate at least 400 positions from its loss-making retail banking operations.”
OCTOBER 18, 2022 — REORGANIZATION
Goldman Sachs is planning another major corporate reorganization that will see its four main divisions (investment banking, global markets, asset management, and consumer and wealth management) collapse into three divisions, with the consumer finance operations being split between two new divisions. Layoffs ahead!
SEPTEMBER 28, 2022 — LAYOFFS BEGIN
As dealmaking slows down in a cautious stagnant economy, the company is starting to reduce the headcount in its technology, media, and telecommunications division — with the consumer retail, health care, and industrials divisions also on the chopping block.
This is not unusual behavior at the investment bank as they customarily release one to five percent of their underperformers each year to make way for new recruits with promise.
According to a spokesperson, “Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment. We continue to remain flexible while executing against our strategic growth priorities.”
SEPTEMBER 12, 2022 — PREPARING FOR LAYOFFS
The company has announced that it will be responding to the downward economic trend with a series of cost-cutting measures and a reduction in force in accordance with its annual performance review process.
In July 2022, Goldman’s CEO David Solomon noted, “No question that the market has gotten more challenging. We have made the decision to slow hiring velocity and reduce certain professional fees going forward. We are keeping in mind, however, that while we’re being disciplined about our expenses, we are not doing so to the detriment of our client franchise or our growth strategy.”
MARCH 18, 2021 — GOLDMAN “QUIETLY” MOVING STAFF — PREPARE FOR RELOCATION LAYOFFS?
The company has announced plans to relocate a portion of its asset-management unit to West Palm Beach, Florida. It appears that the bank is quietly seeking volunteers among investment professionals and key support staff for the move to lessen the number of people who will be laid off during the formal move.
The move is part of a cost-cutting initiative and the company’s move to cheaper quarters outside of the tax-and-spend jurisdictions of New York. There are similar relocations to Dallas, Texas.
SEPTEMBER 30, 2020 — LAYOFFS RESUME AFTER COVID-19 MORATORIUM, 400 POSITIONS TARGETED
Goldman Sachs announced that it has resumed the layoffs targeted by their annual review and approximtely 400 positions will be eliminated. This represents approximately one-percent of their current workforce.
Consider also, that high-performance financial institutions routinely cut between five- and ten-percent of their lowest performers to make way for new and promising hires who will often act as analysts (slave labor) for more established and profitable traders.
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?
