Goldman to begin layoffs next week
https://www.nytimes.com/2022/09/12/business/dealb…
With all the recent news surrounding GS, layoffs are now right on the horizon
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Everyone who was in banking the last two years know that every single bank was hiring anyone they could get their hands on, including people with 0 IB experience coming in as senior analysts / associates that frankly did not have what it takes to do well in this job. Some of these people figured it out and are now doing well, but there are some that just frankly suck and I think we’ll see a lot of bottom performers getting cut. I wouldn’t be worried if you’re halfway decent, but every bank knows there’s a handful of people in the bullpen that have no right to be there.
At gs ny. Can confirm a few of my analyst class key cards didn't work this morning. Saw security escort them to a lobby waiting area.
Just the non targets
Not to be the voice of doom but this is just the beginning. Post dot com 2000 (which is the best analogy), most banks had four rounds of layoffs. CSFB bought DLJ in 1999. By the end of 2003, there were fewer bankers than at either CSFB or DLJ pre merger. It’s going to get ugly and a lot of good people will be out. As Herman Kahn once said about thermonuclear war, will the survivors envy the dead?
As for the cards not working, that’s standard operating procedure to keep people from having access to systems and mailing clients / leaking confidential information / stealing things. It’s brutal but I’ve actually seen people who have been laid off steal shit and send weird emails, more than a few times, so I get it.
perhaps get off wso and source some deals so we dont get laid off?