New hires, or long tenured employees?
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@bittertruth you talking about Goldman Sachs or global settlements?
When it functions correctly, GCM helps bring together the disparate lines of business who are often silo’d from each other. The big clients don’t want to hear from one business, they want someone who can, at a high level, represent the entirety of the bank. GCM people often also come with deep connections to client firms, which can bring in new business through a soft intro that’s well in excess of what they’re paid, so the firm finds it worth it to pay up. Some of them really know BNY’s offerings, others are merely good at faking it. I’d imagine some of the fakers or those who already capitalized on the full extent of their network know who they are and might be out next week. It’s up or out with those types of groups.
It’s essentially a strategic accounts group. Almost every company has one and they’re typically paid well.
I hated the times when I had to babysit the clueless GCM team so that they could “talk with” the clients. The clients knew far more about our offerings than the GCM team. It would be one thing if the GCM team were skilled communicators and great salespeople but it was the opposite. They weren’t knowledgeable and acted like clueless buffoons.
My reaction was always the same… how the heck do they make the big bucks with such little understanding and a lack of preparation?
This round is a lot of long tenure, high or highish salary. Director and MD. It's a clean-up of many of the losers that were a drain. It doesn't seem like people that actually so the day to day work are impacted.
Those who get partially met on performance review. Looks like it’s new hires or poor employees.
The list has been created. Good luck to all.
People who do not have a GODFATHER. Who do not have the personal connections or link. We were told by a new exec manager from GS to explain things to him like you would to a 5 year OLD. I wish I could get a job where I can go and say the same think, please explain how things work in this business like you would to a 10 year old. I don't think you can explain how a bank works to a 5 year old. They come they bring more high level managers and get rid of low level.
Getting rid of GCM people wouldn't jeopardize any client relationships. They can just use the RMs corporate card to buy lunch or dinner.
They are targeting IT people making 100k and up, middle management, and dead departments.
I honestly think they need to look somewhere in the middle. Look at people hired at an M or S grade who have only been here for 1-5 years. What have they accomplished? What have they contributed besides a layer of management? Did they switch roles a lot? These are the people that are really expensive but quite parasitic because I've personally worked with a number of them who disrupted teams and broke processes until they found something else. But if you give them a layoff, their package won't last too long because of their lower tenure.
they should not go after new hires under K - give them a chance to prove themselves if they've only been there a year. And it's not smart to get rid of that many long tenured employees because they will get that package for a long time and many weren't that expensive because staying at a company too long tends to yield lower comp growth rates.
Interestingly enough, GCM has a mix of people that have been here forever and they make more in a week than most of us do in a month - I'd suggest chopping some off there but it wouldn't be a short-term win and it could longer term jeopardize certain client relationships.
My bet: They will get rid of numerous good employees but then you get left wondering, "why'd they keep this overpriced dude who has been a drag on all of us for years"