212 Comments
 

Have started in London too, ~4 juniors per team

Source: IBD Memes on Instagram

 

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

 

I feel like every time droves of people are fired from GS, this is the headline. Maybe the first time, it was an accident. Now they're just having fun with it. 

 
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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.

 

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.

Sponsors M&A (London)
 

Any insight on Markets division layoffs?

I'm sorry for everyone that was impacted

Anyone have any update on global markets division layoffs?

 

Why am I getting monkey shit? I just want to work at the most prestigious investment bank in the world!

 

I have a coffee chat with an Analyst in TMT scheduled for next week, should I follow up and ask if it’s still happening?

 

Boom. Entire global PCA team let go.

Source: me. I was one of them.

Damn sorry for this. I’m surprised this. Many banks are moving into this for continuation funds 

 

They totally exited that business, just like that?? I thought GS was interested in it as a long-term move, at least per that last major secondaries thread on here. 

 

I work at GS and think was a pretty bad away to manage things.

With that said I think it just goes to show what a bear market looks like and this is just the start. GS will be on blast until the other BBs start doing the same.

Truth of the matter is we are just coming out of an insane bull market where every division bloated post covid and added people in anticipation and in reaction of the abnormally high deal flow. Not only was hiring extremely easy but salaries went up and bonuses were really good as well.

Back to reality. The same job that pays you above almost all of your friends will kick you to the curb without thinking twice because that is the risk we all assume by coming to wall street. High risk high reward.

Good luck everyone and hope those affected bounce back quickly. You are all talented, young, ambitious and future is bright. Go get em.

 
[Comment removed by mod team]
 

Just received word from a peer in Goldman IBD that these first two waves of layoffs were the lucky ones.

Next round expected in Q2 and bottom buckets to be executed by hanging.

path less traveled
 

ITNAmatter

Just received word from a peer in Goldman IBD that these first two waves of layoffs were the lucky ones.

Next round expected in Q2 and bottom buckets to be executed by hanging.

I heard otherwise internally. Yesterday was the only day this year they’ll do layoffs company wide. Yesterday included downsizing, redundant roles, cutbacks (over staffing) and some performance based cuts. If they were doing it in waves and another coming up in Q2, it would’ve been announced already internally. I have it on VERY good authority and I was told this directly from a VERY VERY high up source internally at the firm.

 

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