Goldman firing 5%
Looks like Goldman is firing about 1500 people. Nice job market.
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funniest thing about this is that the presiden/COO of GS spoke at my school last night, and told this whole story about how during the IT bubble burst that Goldman Didn't fire the people and just found other places for them to work within the company.
rather, is straight out of the Jack Welch mgmt bible!
Apparently GS does this every year when they evaluate the performance of their bottom 5% of employees. Oh well, sucks for the people who suck.
I dont think it is because of the market
5% is a large number - might be due to their bearish views on 2008. It's only going to get more competitive at GS from now on.
I definitely think this has little or nothing to do with the market. GS made 75-79% GAINS during the subprime turmoil. This is when other banks were losing billions.
The bottom 5% theory seems reasonable, especially for a firm like GS. They do not fuck around.
Firing 5% of the bottom performers in this crappy market is advantageous for GS. Think of all the quality people who are looking for jobs that can be substituted.
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