Obviously there's been much chatter lately about layoffs at GS, rumors of it starting next week - much of the cuts will be in IBD & Consumer divisions.
I interned with the Wealth Management division this past summer and was also one of the first few interns to hear back about a FT offer. I can also proudly say I went above & beyond to do a great job and definitely left a good impression.
I know asking here is no guarantee, but I'm curious to get some other opinions - is there a possibility of my offer being rescinded? Or are the layoffs targetted towards current employees (AN1 to MD)? I am confused about where WM stands with relation to Consumer, since WM has been bringing in as much revenue as IBD in recent months.
Hi fahmo, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:
More suggestions...
Fingers crossed that one of those helps you.
I’m on the same boat…
Take no offense to this but the way this question is worded makes you sound like you shouldn't be in finance. You asked:
"are the layoffs targetted towards current employees (AN1 to MD)? ".
Who the fucking hell else would it be targeted towards? The firm isn't saving money by not hiring people in the pipeline. That isn't an expense for them. Of course they're reducing current headcount. That's where the costs are. Jesus wept I'd love to see a South Park Episode where Stan Kyle and Eric all have summer banking internships but are fired before they join FT.
yo, what? I literally just asked a question. No way you j said “take no offence” and just shit all over my question 😂
You will be fine - don't listen to this dickhead. He's probably freaking out because he's on the chopping block himself, and is projecting HARD.
Goldman's WM division is one of the firm's stronger revenue streams, and is not facing as many cuts compared to IBD. Because you have not started yet, and are in a strong division, you do not need to worry about getting your offer rescinded. Banks anticipate RIF months in advance, meaning that when your offer was extended they were already planning on making current cuts at EOY, and this is reflected in giving fewer return offers.
Basically you were already factored in, and don't need to worry - enjoy your last year of college.
Im in the same boat. If true thanks for clarifying
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