Does anyone have insight into the recent layoffs in GS's real estate division? Heard that a large portion of the group was fired including one of their Co-Heads.
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There was a WSJ article that discussed how they’re combining all of the asset management / private equity entities into one division. It makes sense that they might fire employees that are on the management team of these separate entities as you don’t need 3 highly paid group heads that aren’t actually bringing in revenue through new deals.
I don’t know why they’d fire people that are executing / originating deals as they’re raising a bunch of money and will need to get it out the door. Where did you hear this?
I read that article as well and believe it is at least partially a result of the restructuring. Although, the article made it seem like they would be hiring a number of real estate professionals, not firing folks.
I heard this through someone who spoke to a fairly high up GS real estate guy last week.
https://www.wsj.com/articles/goldman-sachs-to-combine-private-investing…
Definitely an interesting move - sucks for those that got laid off, but it's definitely a shift in the dynamic. Wouldn't necessarily call them a blackstone lookalike
I had lunch with one of the MDs in the RE division (wont say which group). At a high level there's just going to be a lot restructuring. Some of these senior people will be on leave for 1 month due to these changes.
Interesting - most of the articles haven't really discussed details beyond combining into one group and raising outside capital (as opposed to balance sheet capital). The bulk of Goldman's real estate capital today is from third-party investors already with the exception of one group. Makes sense to have a unified group - good move on their end. I'd expect some natural internal restructuring.
I heard they are making room to hire more LGBTQIAP+ persons per their hiring policies people in order to achieve a higher degree of social justice within the firm because, you know, Goldman Sachs is the pinnacle of altruism and must demonstrate this.
I have witnessed different arms of GS bidding against each other for deals...can't be healthy.
Interested in hearing more. Storytime?
Aha unfortunately don't have more info than that. Just know that two branches both got into the best and final round on a 'core plus' deal. Believe it was a GS internal fund vs one of their big separate accounts. I guess one interesting fact is that neither group was working with an operating partner...
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