Wall Street has caught the contagion that caused large layoffs in the tech sector. Top-tier New York City-based investment bank Goldman Sachs is planning to let go of around 4,000 white-collar professionals. The reductions will impact around 8% of the bank’s worldwide workforce. Goldman had laid off 500 employees in September as the economy started to falter. Similar to the way tech companies purportedly conduct performance improvement plans and stack rankings to cull out low performers, securities industry firms usually ease out a small percentage of low impact workers, or neglect to offer a bonus—which represents a significant portion of the total compensation—as a nudge for them to seek employment elsewhere. The announcement is on the heels of prior Forbes reporting that Wall Street investment bankers, brokers, traders, deal makers and money managers are not immune to market forces, and JPMorgan, Bank of America, Citigroup and other financial institutions are considering cutting bonuses by up to 30%, and in some instances, incentive pay may fall by more than 45%. There is a fear that some low performers will get “donuts,” the cold term for not receiving any bonus payout. It’s Not Just Goldman Laying Off People.... Jack Kelly TC 500k+ https://www.forbes.com/sites/jackkelly/2022/12/18/following-the-tech-sector-layoff-contagion-hits-wall-street-goldman-sachs-plans-to-downsize-4000-white-collar-workers/?sh=6ac7c611550b
I just got hired at BoA this Monday. Probably on the cutting board since I am low on the totem pole.
Honestly this might be less true than you believe. The prime candidates to let go are paid a lot, have been given multiple chances to succeed, and still not contributing. New, bright people getting entry-level salary are often good bets to keep around.
Thank god I jumped that sinking GS ship 2 months ago and came to BofA
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My understanding of the Holocaust was incorrect!
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TechLead: Why so many layoffs
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Screw it. Don't care anymore. Let Israel take it. One state solution.
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How can my idiot brother who does real estate afford this
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Brother beaten severely as a kid. Doesn’t speak to dad at all now.
Wish me luck .
Good luck!