Blacknarwhal
Let's Go Brandon!
First tech, now finance. Trouble's a-brewin.
Fair use cited so on and so forth.
www.zerohedge.com
by Tyler Durden
Monday, Sep 12, 2022 - 10:41 AM
While we have seen droves of companies either freezing hiring or announcing broad-based layoffs, until now the majority of those job cuts have been focused in the tech sector.
This morning, things have changed, as The New York Times reports that, according to two people familiar with the plans, Goldman Sachs is preparing for a round of layoffs that could come as soon as next week.
The job cuts will affect employees across the company but it appears this move is more of an opportunistic moment to reinstate Goldman's traditional annual 'culling' of the herd - based on performance.
In fact. Goldman’s chief financial officer, Denis Coleman, told investors in July that the bank was “probably reinstating our annual performance review of our employee base at the end of the year.
"No question that the market has gotten more challenging,” David M. Solomon, Goldman’s chief executive, said on a call in July with analysts.
Initial public offerings raised about 95 percent less through the first half of the year than the first half of last year, according to EY, an advisory firm. The number of deals has fallen about 73 percent.
“They just don’t need as many bodies as they have,” said Chris Connors, a vice president at Johnson Associates, a compensation consulting firm, referring to Wall Street banks more broadly.“Production has fallen off a cliff.”
Is Goldman the canary in the coalmine? We will have to wait and see if MS, JPM, BofA, etc follow suit... (although a number of major banks have already laid off vast numbers of mortgage-business-related staff)...
Fair use cited so on and so forth.
"Production Has Fallen Off A Cliff" - Goldman Reportedly Prepping For Layoffs | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
"Production Has Fallen Off A Cliff" - Goldman Reportedly Prepping For Layoffs
by Tyler Durden
Monday, Sep 12, 2022 - 10:41 AM
While we have seen droves of companies either freezing hiring or announcing broad-based layoffs, until now the majority of those job cuts have been focused in the tech sector.
This morning, things have changed, as The New York Times reports that, according to two people familiar with the plans, Goldman Sachs is preparing for a round of layoffs that could come as soon as next week.
The job cuts will affect employees across the company but it appears this move is more of an opportunistic moment to reinstate Goldman's traditional annual 'culling' of the herd - based on performance.
In fact. Goldman’s chief financial officer, Denis Coleman, told investors in July that the bank was “probably reinstating our annual performance review of our employee base at the end of the year.
"No question that the market has gotten more challenging,” David M. Solomon, Goldman’s chief executive, said on a call in July with analysts.
Initial public offerings raised about 95 percent less through the first half of the year than the first half of last year, according to EY, an advisory firm. The number of deals has fallen about 73 percent.
“They just don’t need as many bodies as they have,” said Chris Connors, a vice president at Johnson Associates, a compensation consulting firm, referring to Wall Street banks more broadly.“Production has fallen off a cliff.”
Is Goldman the canary in the coalmine? We will have to wait and see if MS, JPM, BofA, etc follow suit... (although a number of major banks have already laid off vast numbers of mortgage-business-related staff)...