They do this all the time. Is this PIP or layoffs+Pip? https://www.efinancialcareers.com/news/2022/07/goldman-sachs-job-cuts https://www.efinancialcareers.com/news/2021/10/goldman-sachs-layoffs-cancelled https://www.businessinsider.com/goldman-sachs-to-lay-off-hundreds-second-round-job-cuts-2020-11 https://www.efinancialcareers.com/news/2019/08/goldman-sachs-new-york-layoffs-2019 2008 article for reference: https://www.ft.com/content/df8a8132-a12a-11dd-82fd-000077b07658
Because it sucks
Pretty sure this is standard operating procedure for GS.
Annual ~5% cuts are business as usual. It makes room for the new analyst class.
Stack ranking. Cut the bottom 5% and open up comp cap for new hires. A lot of banking has a "you eat what you kill" mentality and if you're a low performer you're out
Not always performance… if your MD dislikes you or you are a nail that sticks out.. you get the cut
It's BAU
Damm I got a recruiter email for vice president role. But seems like constant layoff is scary
It's not as bad as amazon. If people leave on their own you are safer
Isn't that every year they lay off since finance domain is not so stable as tech companies ?
This happens everywhere with stack rankings