Deregulation, vulture capital, wars, crypto, worthless tech startups, Chinese hustles, funds of funds of funds. Climate chaos and an aging population--and years of doing less than nothing.
Let's pretend we couldn't see it coming...again?
People in the business have been following the meltdown for several months now. They did see it coming. https://www.pbs.org/video/age-of-easy-money-osu8cj/
Purchase of SVB’s bond portfolio
Goldman Sachs Eyes a Big Payout from Silicon Valley Bank Deal The Wall Street giant is likely to be paid more than $100 million for its role in a bond purchase that ultimately failed to save the California bank from... — read more
Take over in payment sector
Seems more than a rumout, GS in talks for taking over ACI Worldwide, planning to cut staff and the current offices that they have .
Goldman Sachs To Bolster Crypto Team With New Hires Following Layoffs
In January 2023, Goldman Sachs, a multinational investment bank, announced plans to cut around 3,200 staff as part of a cost-cutting exercise. However, despite this move, the bank remains open to hiring new talent in the cryptocurrency... — read more
Dsol really sh-t the bed today
What the he-l kind of performance was that?
Goldman Sachs CEO David Solomon tells partners he regrets not firing employees sooner after laying off 3,200 last month
CEO David Solomon made a difficult decision to cut about 3,200 jobs last month. Does he have any regrets? Yes. He wishes he had done it sooner... — read more
GS should make an acquisition of bny mellon. Get cheap funding from deposits and create moderate risk between combined companies
Is NYC about to get hit again?
Are the latest WARN notices that I've seen posted all over the place about the layoffs that already took place or are we looking at even more cuts at Goldman Sachs NYC offices? I'm confused and worried and I wouldn't be surprised if we're far from... — read more
Were you laid off? Please learn about the WARN Act
The WARN Act requires an employer to notify employees, in writing, 60 days before a layoff, and pay the employee for those 60 days, in addition to any severance the employee may be entitled to. Unfortunately, some employers attempt to circumvent the... — read more
Meanwhile, in Davos...
Time to look for a new job
All companies have layoffs but few do it as callously and uncaringly as Goldman Sachs just did. I have no intention to continue working here after what just happened. Not to mention, I'm all but certain that we'll be expected to pick up the work left... — read more
Cut 3,200 jobs & gave workers 30 minutes to pack up their belongings. This is per the Daily Mail.
WSJ: "Goldman Sachs Lost $3 Billion on Consumer Lending Push"
Don't count on stability anymore
If there used to be any, now that job stability is definitely gone. I'm thinking of leaving GS if I'm not laid off in the meantime, but is there at least a little more stability anywhere else? I wouldn't say there is. Moreover, I am not optimistic... — read more
https://www.nytimes.com/2023/01/10/business/dealbook/goldman-sachs-layoffs.html If paywalled use: https://archive.ph/uepfj Will try to paste below… —— Goldman Sachs Begins Large Round of Layoffs The investment bank plans to cut up to 3,200... — read more
Thank God I found something better in the meantime
Good luck everyone! I hope there are more people here who used advanced notice of layoffs and managed to find something better in the meantime!?
More Inclusive Name?
Can I consider myself safe if I still haven't received a notice?
Sorry for the d-mb question, but I haven't been here long so I still don't know how things work here. If I haven't received notice so far, can I consider myself safe or will the uncertainty last until the end of the week? How did you get notified?
I got laid off
F U GOLDDMAN
Walk out with your head up
Unfortunately, layoffs are not fair and it is not at all rare that some good and capable people are laid off instead of those who do not add any value to the company. Instead of blaming yourself, go out with your head held high, because some other... — read more
Have layoffs already started?
How many people will be impacted in New York offices?
I hope for the best but I expect the worst. Which department will be most impacted by these layoffs?
you have to admit....
Running count of damage by department
Let us post the known damage from the lay offs No names . Just a location and rank/ group would do Example: internal audit - 10 (2-NY, 1-Dallas, 2 - London, 2 - HK , etc)
At least we know now
I just hope that they're done with it this week, at least for this round. I don't want to have to stress over this for who knows how long. Get it over with, rip off the band-aid, and let us all move on. The prolonged layoff will just serve to... — read more
Goldman Sachs to layoff 3200 starting week on January 9, 2023
https://finance.yahoo.com/news/goldman-sachs-cut-3-200-004734031.html Good luck.
Goldman Sachs Doubles Down (No Recession)
"Part of our disagreement with consensus arises from our more optimistic view on whether a recession is necessary to tame inflation. We think that a continued period of below-potential growth can gradually rebalance supply and demand in the labor... — read more
When will it start?
Is there any way for us to know when the January layoffs will start? I'm hoping for next week. The sooner we get it over with, the better.
CFO's Expect Hard Landing
Nobody is safe
Some seem to be under the mistaken impression they are safe from the coming layoffs. Don't make that mistake. If layoffs here have taught me anything, that's that nobody is safe. I've seen people who've been here for decades and those who joined a... — read more
Soft landing? For whom?
Can't we just pretend we couldn't see it coming?
Goldman Sachs Plans Thousands of Layoffs, Expects to Eliminate Some Bonuses
And so it begins
I'm not sure how I'm going to survive the following weeks knowing what's coming. Why would the leadership be so cruel as to announce this so close to the holidays? They could have waited a few days and let us enjoy Christmas with our families without... — read more
401K Benchmarking Exercise - Assistance Requested
I currently work at BNY Mellon. Our CEO recently announced a change to the 401K plan. Currently our company match (max 7%) is implemented each pay period. Starting in 2023, the match will be paid at the end of the year (actually, three months after... — read more
Goldman Sachs to cut 8% of workforce in January 2023
Happy New Year. https://www.cnbc.com/2022/12/16/goldman-sachs-is-planning-to-cut-up-to-8percent-of-its-employees-in-january.html
Oh, this is funny...