Goldman Sachs planning of job cuts.
Goldman Sachs plans fresh round of job cuts, to dismiss underperformers by next month.
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hmmmm
Hey @rabri - what's the reaction like internally to this?
I left yesterday
Why are they struggling? Is the retail side not doing good? I thought they were bullish on the apple partnership? Also gs recruiter reached out on LinkedIn just last week so not sure.
It's Roadies
At the end of every year, they have a vote out to ensure that the loot spoils are distributed over a smaller base. That's why their variable comp is higher than other banks
@Elon_Musk didn’t the come out of the Apple partnership, like they lost > $1B, remember reading something like that.
GS continuing to cut jobs feels like good times may not really be so close around, contrary to our hope that they will be
Layoffs at GS should be renamed to Goldman Sacks
GS is struggling big time
How are things at the Indian conglomerates like TCS?
Hiring is slow but once macroeconomics improve ops margin and revenue will rise.
Investing heavily in upskilling like ai, cloud etc and also creating a diverse skilled pool.
After USA elections and Ukraine war stops...Indian IT conglomerate will see zenith again
Anyone confirm this..Have read in news portal.
This is an annual exercise that the bank does, as part of performance reviews, according to a source familiar with the matter. The bank reinstated the review last year after it was halted during the pandemic in 2020 and 2021.
- https://www.reuters.com/business/finance/goldman-sachs-plans-fresh-round-job-cuts-underperformers-ft-2023-09-08/
Is this applicable to India? Or global? Anyone knows/
This is a yearly exercise but the 1-5% range seems odd, usually per year it’s around 1-2% of the org. The big layoffs in january were 6% of the then size, 5% on top of that in the name of performance, coupled with the kind of attrition we’ve had this year…