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where in APAC
News from London?
Define APAC
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
What percentage is that?
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.
That is such a heinous way of getting laid off. Can’t HR just speak with you beforehand? Is this normal for the industry?
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.
No one is as replaceable as investment bankers. Uncommon to be treated like a human in this industry.
That is arguably the worst way to find out...
Sounds like a nightmare
Heard today they let go a good number of folks in IBD, junior and senior !
are most layoffs at 200W done in the office or via the key card thing at the lobby
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..
I think it's fair to assume they don't really give a sh*t how they do it and whether it's well-received
Yes, and it’s also fair to assume the most callous firms make this mistake often.
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.
are they done in the morning or afternoons for NYC?
Same ask
Anyone knows does it affect incoming analysts…
They would not extend an offer just to fire you, you're fine kiddo. Enjoy college
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.
Understandably under v different circumstances, but this happened at Scotia to the 2020 incoming FT class
Any info on IBD for 200W?
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
They cut their keycard access without informing them?
Yes, per the usual routine.
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.
No someone else here mentioned this happening at BAML during the GFC. It’s not isolated to one bank.
That’s fucked up. They have totally mismanaged this whole thing
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.
I believe this is the point of doing them now, so they keep your bonus.
How greedy.
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.
I guess VP and below wouldn’t have those type of compensation
2-3 months severance + notice period salary w/o bonus. Told by a friend got impacted
is the 2-3months severance paid out in a lump sum or over the 2-3 months period ?
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.
what do you mean by "bulk"? >50%?
Time to overthink the „Goldman is Goldman“ conception. All eras come to an end…
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?
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.
It carries weight if you ever leave banking / finance. A lot of lay people know what Goldman is vs Evercore/Centerview.
.
Following closely.
Any news in GS SF?
following
following
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.
Your last sentence is ironic given you're supposed to say the exact opposite when interviewing. I want to be GS career banker, best development, GS or bust!
Any insight on Markets division layoffs?
I'm sorry for everyone that was impacted
Anyone have any update on global markets division layoffs?
So how many people were laid off, any anecdotes??
Half of tmt bankers, in usa and about 70% of ECM bankers in London
Are you serious?
Wtf?
Chill, 10 people being laid off in ECM London is far from 70% (source, me working in ECM, not your cousin)
...
Anyone have insight on US IBD, particularly how classic vs. financing got hit?
What’s it looking like in IND
also curious
I hear full Structured Products team at Lehman have been let go. They were about to launch CDO^3
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.
They weren’t allowed in via keycard access. Most likely they get nothing (plus lose the upcoming bonus).
According to the FT VP and below get 2 months salary at least
That’s pretty crap if you’ve been with the firm for 5-10 years
Two months plus every month for year of service
Sucks - wouldve thought 3 months based on other BB package
I heard they still get bonus (probably smaller) and unused PTO and like 2wks/yr of service
That's pretty shit tbh
Heard 1 month of salary for every year worked, capped at 3 years.
Curious about TMT US
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
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
How did cross markets group do?
Is it still going on? If they haven’t called you by now, are you safe or is this going to continue tomorrow…
Only exogenous cases, you’re good
Source: Work in coverage @ GS, am chill with my staffer and a couple MDs
It was officially over at 4pm
Tomorrow is when they fire the hr staff and mgmt that ran the layoffs today
Reminds me of House of Cards when Claire makes HR fire half the staff and then she fires HR
any layoffs in securities? was this only IBD?
Does anyone know when GS SA2024 applications open?
Read the room bro
I want to work at the Goldman Sachs
.
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?
If it was his GS email fat lot of good that would do.....
Come on guys this is solid (B+) trolling here
I'll give it to you, I laughed
Well if his email bounces...
How did nat resources fare?
Houston was pretty light. Think around 2 associates
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
What’s PAC?
Private capital advisory, works on secondaries and continuation fund deals
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.
This is false. Let go of 1 person, rest of team still here
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.
I hate Shitman Ballsachs
Well, looks like D-Sol dropped some mighty mixtape
Anyone let go in HC?
Anyone have details on Private Credit
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.
Guess my 'low' base and cash bonus in PE land and my unrealized carry looks pretty damn good now.
In all seriousness this is a horrible way to deal with the situation and I hope affected people find new jobs outside of banking soon.
Any info on what happened to teams based out of Japan?
Have some insight but also curious
Mind sharing your insights?
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.
MS would like to have a word….
How were layoffs in global markets? How many salesppl went down?
The sky is falling!! The sky is falling!!!!!!!
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.
Yeah, makes sense. the lucky ones get cut before bonus
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.
wait ur telling me the next round of layoffs isn't public execution?? wow could have fooled me!
I heard D-Sol is going to round up bottom buckets in Q2 and sell their kidneys to pay for Marcus loss.
Goldman Sachs platform solutions business lost $3 billion in nearly three years | Reuters
Any idea what happens if you have a PE offer and are let go? Will PE offer be rescinded?
don't ask, don't tell
what if they PE firm asks you point blank?
Any news on cuts in AM divisions?
Small cuts across junior / mid level.
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