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GroovyBagel

Goldman Sachs planning of job cuts.

Goldman Sachs plans fresh round of job cuts, to dismiss underperformers by next month.

18mo ago
ZoomyQuokka
ZoomyQuokka
Goldman Sachs18mo

hmmmm

SillyMarshmallow
SillyMarshmallow
Stealth18mo

Hey @rabri - what's the reaction like internally to this?

ZoomyQuokka
ZoomyQuokka
Goldman Sachs18mo

I left yesterday

GroovyBoba
GroovyBoba
X (formerly Twitter)18mo

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.

ZoomyMuffin
ZoomyMuffin
Stealth18mo

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

PeppyCoconut
PeppyCoconut
Stealth18mo

@Elon_Musk didn’t the come out of the Apple partnership, like they lost > $1B, remember reading something like that.

WobblyNoodle
WobblyNoodle
Zomato18mo

GS continuing to cut jobs feels like good times may not really be so close around, contrary to our hope that they will be

BubblyTaco
BubblyTaco
Stealth18mo

Layoffs at GS should be renamed to Goldman Sacks

GroovyUnicorn
GroovyUnicorn
Stealth18mo

There’s always this one motherfucker without empathy. You sir are one of them.

BubblyTaco
BubblyTaco
Stealth18mo

Along with 11 others who liked it. Hehehe.

Aadat ho gaya hai. I don't take corp life seriously. All it's worth is an entry in an Excel sheet.

SillyDonut
SillyDonut
TCS18mo

GS is struggling big time

QuirkyNugget
QuirkyNugget
Stealth18mo

How are things at the Indian conglomerates like TCS?

SillyDonut
SillyDonut
TCS18mo

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

GroovyBagel
GroovyBagel
Indsource International18mo

Anyone confirm this..Have read in news portal.

GroovyBagel
GroovyBagel
Indsource International18mo

First silicon valley bank collapses, now this news..It seems like the layoff saga will continue till the end of this year...Beware Winter is coming...

QuirkyWaffle
QuirkyWaffle
Stealth18mo

Toh abhi tak kya chal raha tha???

JumpyUnicorn
JumpyUnicorn
Stealth18mo

rainy season? fog?

FluffyNugget
FluffyNugget
Plivo18mo

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/
WigglyDonut
WigglyDonut
CityMall18mo

Is this applicable to India? Or global? Anyone knows/

GroovyBoba
GroovyBoba
Goldman Sachs18mo

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…

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The Consultant life is all about chilling and billing. You chill and then you bill for the chaos

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