Hong Kong specifically, cuts done in the morning and just concluded

 

Have started in London too, ~4 juniors per team

Source: IBD Memes on Instagram

 

I'm at 200 west and a pretty sizable group of junior bankers can't get into the elevator banks(key cards aren't working). No one knows what's going on or if they are officially laid off. Total chaos.

 

Looks like there was a mixup between hr and building management on timing of key card access getting shut off.  Was supposed to happen after being informed by hr/management they are laid off.  

 

are most layoffs at 200W done in the office or via the key card thing at the lobby 

 

Ik this is traditionally the case but these are wack times we're in. Who would've guessed that first years would get fired. There's reason to be a pessimist right now, even though it's definitely not in our control. 

 
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Walked into the lobby and saw dozens of people sobbing, crying and confused. Inhumane way to let people go.

This is a terrible job guys, and not just at GS. these banks do not have loyalty to you and will f**k you over as soon as it's convenient for them. do your time in banking and get out as soon as you can. there are much better and easier ways to make money out there without giving up your 100% of your time and soul and being a husk of your former self

 

Quit lying, it's only GS that pulls this shit because everyone always says "hurr durr Goldman is Goldman". Shit bank, shit management, shit treatment of people. 

 

Do GS people who get laid off at this time still receive bonus or a comparable severance package? The bonus payout is just right around the corner.

 

Headhunter here. 

Spoke with a GS ECM Banker in London; the bulk of their team has been laid off (as anticipated). The individual declined to comment on Senior Layoffs in his team, but my impression would be the layoffs are hard and heavy across all levels.

 

Hasn’t the Goldman brand always been that it’s an incredibly efficient and competitive firm, but it also doesn’t give a crap about its employees?

 

The Sad thing about this is that people are so desperate to work at Goldman Sachs that nobody has worked out that it's the most toxic place on the street after Jefferies

But as a reminder - you are always replaceable. It's only the top rainmakers that aren't. Don't ever think differently and don't ever delude yourself. IBD is a mercenary game - nobody is in this for the loyalty or career development.

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