Goldman layoffs
SF office seems to be good…wonder if this is more international and NY based? Any insights post below.
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Major layoffs next week some people already warned
This news just sounds like the typical layoff cycle to keep the bonus pool solid for remaining people. RIP underperforming MBA associates.
I do also have it on good authority that GS is aiming to reduce HC in NY and NJ by 20% in the next two years, and to re-hire those people in Florida, Texas and Utah. NY and NJ are in many cases not worth doing business in due to high wage rates and taxes.
Will likely mean smaller incoming classes and frequent layoffs from here forward.
Can confirm this as well. Surely other BBs follow.
When you say BBs, do you mean GS/MS/RBC?
I thought they only did that with back office roles. I’ve never heard of front office roles being moved to Georgia or Utah
It's 100% back office roles lol
they aren't moving IB coverage groups to salt lake city lmao
Yea FO salaries are standard as well
This is not going to affect “incoming classes” of front office recruits bro
Why HC specifically? Do they have worse deal flow than other industry groups
Headcount, not healthcare
Are 1st years who started in the last month usually safe? Assuming this is mostly addressed to underperformers who have been there 2+ years
Good. They should really start getting rid of most of these MBA associates (some are very good though). In my group (FIG) it got really bad, with literally all of our summer associates being diversity that are straight up bad at the job
lmao too true
The DEI Prestige Curse impacts places like Goldman and Evercore pretty badly
They win most head-to-head recruiting matchups so in theory should get the best of the best, but it also means they get whichever diversity candidates they want and end up with a higher diversity % than the next tier of places. So the next tier of banks whiff on their DEI offers because they lose them to GS/EVR/PJT, and then get their pick from the remaining pool of Johnny Bluechip, Raj Rockstar and Tao Topbucket.
Yeah its so true. With MBA recruiting the talent going to places like GS, PJT, and Evercore is much worse (and more diverse) than the next tier of banks. All your mid tier and lower tier BBs for example are chock full of mostly competent white and asian males. The standards are so lopsided that I would say on average for MBAs, banks like Bofa and Citi have better talent than GS.
Would note that any diversity MBA hires at the lower tier banks are on average really really bad, otherwise they’d be at GS / EVR / PJT
Who’s Tao Topbucket?
Kind of want to hang with those dudes -sounds like a fun time!
Raj Rockstar!
Can someone explain this in NFL terms
will be giving some of the diversity hires backhanded well wishes when they are let go
Actually crazy to me, you know that the chick from exeter had to send a resume in online, read about what banks do for 30 minutes, and put on a suit and smile during her accelerated superday? GS is fucking wild bro. My diversity buddy got a superday before they opened regular lol.
Too bad they are giving return offers to anyone who can breathe. No kidding, groups are filled with Asian "princess" types, smiley LGBTQ guys, and random rambo vets. All analysts pretty much agree that most competent associates are A2A or a handful of MBAs that actually have what it takes to be long term bankers
Sounds about right, I tried recruiting during my MBA. They didn't even consider me seriously even though I had solid background and was tracking well at other BBs in FIG.
Why don’t you call spade a spade. It’s mostly white girls from affluent backgrounds with the odd black girls /lgbtq hired under the DEI stream.
I work at GS/MS and all of the white females (analysts) in my group are from greenwich/darien or a top boarding school. They’re so useless that I oftentimes ask myself how they even got past the 1R.
Ultimately probably only 1/3rd make VP, and basically none make MD, so it doesnt have much of a long term impact outside of it perpetually reducing junior team working capacity, which TBH senior execs dont care at all about. If others have to work harder to make up the slack, its basically fine, if the benefits are being able to quote things like “over half the class is diverse etc”
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MODs are censoring comments here lol
Bro this shit is actual going too far tho. Some of the people I know who got offers at my target undergrad in diversity categories are genuinely probably not neurotypical. Like asian guys and white guys are really seeing people live out their dream without even knowing what the difference between a BB and EB is. Like I understand race or diversity even being a tie breaker, but this is like running a 200 meter race and some people starting at the 150 mark. Like where is the merit where an Asian from Harvard will have a tougher time that some diverse kid from FSU or UT. And before people MS, I got the exact group at the exact BB I wanted, so don't even start. I was upset about this before recruiting and I'll be upset about after too.
Here is the irony, overwhelming majority of these DEI hires are white females. Diversity is a broader term being used to mask the free loading that is ongoing. They don’t care about racial diversity unless it’s black/brown “female”. Simply put, you are being penalized for having male genitalia. This is not equalization anymore (flawed in first place), it is female privilege which is being promoted. At work, we are often forced by seniors to lower the bar for them, be it interviews or less workload vs.male peers.
Any updates on layoffs? My understanding is that GS would still be strong enough to retain teams? Is there a bloated associate and analyst class or will the layoffs be more mid-management likes VPs, EDs etc.
The DEI and diversity complaining stuff here is not the most interesting convo imo. DEI is not perfect but there's a new thread on this every 2.5 weeks. Have the conversation there.
The fact that its so bad it seeps into every discussion about everything speaks volumes bro. Every single person in the system suffers including the diversity hires.
stop it. DEI at places such as GS, MS or EVR are really bad. At the end of the day it only hurts these DEI folks.
Any layoffs in FIG?
They're busy hiring more DEI
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