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Goldman Sachs Plans to Nudge Out 800 More With Small Bonuses: Report

 2 years ago
source link: https://www.businessinsider.com/goldman-sachs-to-oust-800-more-with-small-bonuses-2023-1
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Goldman Sachs plans to nudge out an additional 800 staffers by skimping on bonuses after already laying off more than 3,000 employees, report says

Jan 14, 2023, 8:54 PM
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Goldman Sachs headquarters.

Morale is described as "super low" in Goldman Sachs offices across the US and abroad. David S. Holloway / Getty Images

  • Sources close to Goldman Sachs told the New York Post more departures are likely on the horizon. 
  • This year's annual bonuses will be so "skimpy" employees will quit on their own, company insiders alleged.
  • The company laid off 3,200 employees on Wednesday as part of an effort to cut costs.
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After cutting more than 3,000 jobs on Wednesday, Goldman Sachs is planning to oust about 800 more employees in a less direct fashion, company insiders say.

Another round of employees is expected to quit in the coming weeks after Goldman Sachs issues annual bonuses, according to sources close to the company who spoke to the New York Post. The forthcoming bonuses are expected to be "so skimpy that disgusted recipients will pack up and leave," the sources told the Post. 

"The expectation is people will quit the following week," a source told the Post.

The move would encourage already dejected employees to leave the company without having to be fired by higher ups,  part of an existing Wall Street strategy to nudge out staffers previously referred to as "firing by process," a term coined by media mogul Barry Diller.

One Goldman employee described morale in the office as "super low" and claimed their co-workers are "very depressed," according to the New York Post report. The company's recent layoffs are part of a cost-cutting effort that impacted 3,200 positions in New York, Dallas, Chicago, Salt Lake City, and London. 

Some workers were reportedly asked to attend business meetings during which they were fired and, in some cases, given only 30 minutes to leave, according to the New York Post. 

A Goldman Sachs spokesperson addressed the layoffs in a statement to Insider: "We know this is a difficult time for people leaving the firm. We're grateful for all our people's contributions, and we're providing support to ease their transitions. Our focus now is to appropriately size the firm for the opportunities ahead of us in a challenging macroeconomic environment."


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