GS layoffs

Based on the most helpful WSO content, here are the details on the GS layoffs:

• Groups and Levels Affected:

  • TMT (Technology, Media, and Telecom): 12 across NY and SF.
  • FIG (Financial Institutions Group): ~10% of FIG.
  • HC (Healthcare): 7+ Associates/VPs.
  • CRG (Consumer Retail Group): 1 VP, 2 associates, 1 analyst.
  • IND (Industrials): 2 Associates, 3 VPs, 1 MD.
  • HK (Hong Kong): 25+ bankers, including 5+ Associates across all Classic groups.

• General Observations:

  • The cuts seem to be more than the 1-3% "bottom performer" cuts that media claimed, indicating cost-cutting in a downturn.
  • Performance cuts are prevalent, but some decent performers, particularly mid-levels, were also affected.
  • There is a fear of broader cuts if conditions continue.

• Specific Instances:

  • In IBD M&A London, cuts included everyone from assistants to MDs.
  • Half of TMT and industrial groups were axed.
  • In ECM (Equity Capital Markets), 4-7 juniors were fired at random.

• Additional Insights:

  • Controllers will be hit hard, while PWM (Private Wealth Management) remains largely intact.
  • ANL2 and ASO1 (people who joined in '21) are on the chopping block the most due to recent performance reviews.

For more detailed discussions, you can refer to the WSO threads on GS layoffs.

Sources: GS Layoffs hit NY, https://www.wallstreetoasis.com/forum/investment-banking/gs-layoffs-the-chopping-block?customgpt=1, GS Layoffs - The Chopping Block, Deutsche Bank 2019 IB - am I screwed?, William Blair Layoffs?!