Comments (212)

  • Prospect in IB-M&A
21d 

where in APAC

  • Analyst 3+ in S&T - Equities
21d 

News from London?

  • Analyst 1 in IB-M&A
21d 

Define APAC

  • Analyst 1 in IB - Cov
21d 

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

  • Intern in IB-M&A
21d 

Have started in London too, ~4 juniors per team

Source: IBD Memes on Instagram

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  • Intern in IB-M&A
21d 

What percentage is that?

  • Associate 2 in IB - Cov
21d 

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.

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  • Prospect in ER
21d 

That is such a heinous way of getting laid off. Can't HR just speak with you beforehand? Is this normal for the industry?

  • Associate 2 in IB - Cov
21d 

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.  

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  • Associate 1 in CorpDev
21d 

That is arguably the worst way to find out... 

20d 
Gordon_C, what's your opinion? Comment below:

Heard today they let go a good number of folks in IBD, junior and senior !

DX
  • Analyst 2 in IB - Cov
21d 

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

  • Associate 1 in CorpDev
21d 

I think it is fair to assume the firm didn't mean for people to find out they were fired by shutting down their key cards..

  • 1
  • Analyst 2 in IB-M&A
20d 

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. 

  • 2
  • Analyst 2 in IB - Cov
21d 

are they done in the morning or afternoons for NYC? 

  • Intern in IB-M&A
21d 

Anyone knows does it affect incoming analysts…

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21d 
Bigbodybugatti, what's your opinion? Comment below:

They would not extend an offer just to fire you, you're fine kiddo. Enjoy college

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  • Analyst 1 in IB - Gen
21d 

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. 

  • 2
  • Analyst 1 in IB - Gen
21d 

Any info on IBD for 200W?

Most Helpful
  • VP in IB-M&A
21d 

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

  • 91
  • Intern in IB - DCM
21d 

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. 

  • 18
  • Prospect in PE - Growth
21d 

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.

21d 
IBICJ16, what's your opinion? Comment below:

Anyone laid off now won't receive their bonus. However, any unvested stock or deferred compensation typically becomes vested in the event of a layoff. 

  • Prospect in PE - Growth
21d 

I guess VP and below wouldn't have those type of compensation 

21d 
QV5674239086412305, what's your opinion? Comment below:

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.

  • 1
21d 
sheet_spreader, what's your opinion? Comment below:

what do you mean by "bulk"? >50%?

  • 1
21d 
Leverage10x, what's your opinion? Comment below:

Time to overthink the „Goldman is Goldman" conception. All eras come to an end…

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  • Analyst 1 in S&T - Equities
21d 

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?

21d 
reformed, what's your opinion? Comment below:

Hiring a ton of laterals in 2021 and 2022, and paying outsized bonuses in 2022 only to lay a ton of people off in 2022 and early 2023 is the exact opposite of efficient. 

Humanity aside, it's a huge failure of management to run a business this way. 

Array
  • 11
  • Associate 1 in IB-M&A
20d 

Any news in GS SF?

20d 
Lockwood, what's your opinion? Comment below:

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.

TMT M&A - London
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  • Analyst 3+ in S&T - Equities
20d 

Any insight on Markets division layoffs?

I'm sorry for everyone that was impacted

  • 2
20d 
WildBill72, what's your opinion? Comment below:

Any insight on Markets division layoffs?

I'm sorry for everyone that was impacted

Anyone have any update on global markets division layoffs?

  • Incoming Analyst in IB - Cov
20d 

Half of tmt bankers, in usa and about 70% of ECM bankers in London

  • 2
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20d 
Pandaron, what's your opinion? Comment below:

Chill, 10 people being laid off in ECM London is far from 70% (source, me working in ECM, not your cousin)

  • 1
  • Analyst 1 in IB - Cov
20d 

Anyone have insight on US IBD, particularly how classic vs. financing got hit?

  • Analyst 1 in IB - Cov
20d 

What's it looking like in IND

  • Analyst 2 in IB-M&A
20d 

also curious

  • Associate 1 in IB - Cov
20d 

Does anyone know what the severance package is? I'm genuinely curious, and I'm so sorry for anyone who got hit, but feel this is important to know for the future.

20d 
IncomingIBDreject, what's your opinion? Comment below:

They weren't allowed in via keycard access. Most likely they get nothing (plus lose the upcoming bonus).

Array

  • 1
  • Intern in IB - Gen
20d 

According to the FT VP and below get 2 months salary at least

20d 
dankchimp, what's your opinion? Comment below:

Two months plus every month for year of service

20d 
aspiringgrad, what's your opinion? Comment below:

Sucks - wouldve thought 3 months based on other BB package

20d 
Gordon_C, what's your opinion? Comment below:

I heard they still get bonus (probably smaller) and unused PTO and like 2wks/yr of service

DX
20d 
Tara Daviess, what's your opinion? Comment below:

Heard 1 month of salary for every year worked, capped at 3 years.

20d 
high hopes, what's your opinion? Comment below:
dinokale

Word on the street is ~20 peeps across NY and SF. Idk how big the group is, but sounds pretty sizable.

RIP to the Ohio State guys that sucked in the group

20d 
mBm21, what's your opinion? Comment below:

Bears2021

Absolutely wild - especially if the market bounces back in Q3/Q4 as we expect. 

Sorry but even if the market bounces back (which is also far from certain), then the hirings needs won't be tremendous. Banks and especially GS hired like crazy in 2021 and the market also just "bounces back" gradually and also not to the 2021 levels

  • 1
  • Analyst 2 in IB-M&A
20d 

Only exogenous cases, you're good

Source: Work in coverage @ GS, am chill with my staffer and a couple MDs

20d 
prv654, what's your opinion? Comment below:

It was officially over at 4pm

  • Associate 2 in IB - Cov
20d 

Tomorrow is when they fire the hr staff and mgmt that ran the layoffs today

  • 6
  • VP in IB - DCM
20d 

Reminds me of House of Cards when Claire makes HR fire half the staff and then she fires HR 

  • 1
19d 
forrealgsscoop, what's your opinion? Comment below:
[Comment removed by mod team]
20d 
scottsmithsonian, what's your opinion? Comment below:

any layoffs in securities? was this only IBD?

Array
Funniest
20d 
SparkieBoom, what's your opinion? Comment below:

Does anyone know when GS SA2024 applications open?

Array

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  • Intern in AM - Equities
20d 

Read the room bro

  • 11
Controversial
20d 
SparkieBoom, what's your opinion? Comment below:

I want to work at the Goldman Sachs

Array

  • 43
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  • Analyst 1 in IB-M&A
20d 

.

20d 
SparkieBoom, what's your opinion? Comment below:

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

Array

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20d 
SparkieBoom, what's your opinion? Comment below:

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?

Array

  • 39
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20d 
WalnutWhite, what's your opinion? Comment below:

I'll give it to you, I laughed

  • 1
  • Managing Director in PE - Other
20d 

How did nat resources fare? 

  • Analyst 1 in IB-M&A
20d 

Houston was pretty light. Think around 2 associates 

  • 3
  • Principal in PE - LBOs
20d 

Boom. Entire global PCA team let go.

Source: me. I was one of them.

20d 
wwert134, what's your opinion? Comment below:

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 

20d 
wwert134, what's your opinion? Comment below:
Gordon_C

What's PAC?

Private capital advisory, works on secondaries and continuation fund deals 

  • 1
  • Analyst 1 in CorpStrat
20d 

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. 

  • Intern in PE - Growth
20d 

Wonder why they decided to exit the business this early, especially with the liquidity crunch many PE funds are facing, it seems like a booming time for secondaries.

  • 1
  • Intern in IB - DCM
20d 

I hate Shitman Ballsachs

  • 1
  • Analyst 1 in IB-M&A
20d 

Well, looks like D-Sol dropped some mighty mixtape

  • 1
  • Analyst 1 in PE - LBOs
20d 

Anyone have details on Private Credit

  • 1
  • Associate 1 in PE - Other
20d 

Why would they fire people in Private Credit? Fund fees are much more stable than IBD revenues. Also, it's by far their most successful strategy in what used to be MBD.

  • 1
20d 
Dimonfan, what's your opinion? Comment below:

Any info on what happened to teams based out of Japan?

19d 
Gordon_C, what's your opinion? Comment below:

Mind sharing your insights?

DX
  • Analyst 2 in S&T - Equities
20d 

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.

  • Intern in IB - DCM
20d 
[Comment removed by mod team]
20d 
WildBill72, what's your opinion? Comment below:

How were layoffs in global markets? How many salesppl went down?

  • Associate 2 in IB - Cov
20d 

The sky is falling!! The sky is falling!!!!!!!

  • 2
20d 
ITNAmatter, what's your opinion? Comment below:

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

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19d 
WolfOfGS, what's your opinion? Comment below:

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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  • Analyst 1 in IB - Gen
20d 

 what if they PE firm asks you point blank?

19d 
Haxeb, what's your opinion? Comment below:

Small cuts across junior / mid level.

  • Associate 3 in PE - LBOs
19d 

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  • Analyst 1 in IB - Gen
19d 

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  • Analyst 2 in IB-M&A
19d 

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