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Economy

Goldman Sachs will reportedly fire more than 1,300 employees

2024-09-01

[NYPOST]

David Solomon is sharpening the axe again.

The Goldman Sachs CEO will slash more than 1,300 jobs as part of the bank's ongoing review to cull poor performers, the Wall Street Journal reported on Friday

Goldman's cuts will affect between 3% and 4% of Goldman's 45,000-strong workforce, the Journal added, citing people familiar with the matter. The cuts are part of the bank's annual performance reviews that cull those believed to have performed poorly.

The layoffs have already started and will continue through the fall, according to the Journal, under the bank's annual review process known as ''strategic resource assessment.''

''Our annual talent reviews are normal, standard, and customary, but otherwise unremarkable,'' Tony Fratto, a Goldman front man, told the newspaper.

He added that headcount would be higher at the end of 2024, compared to the end of last year.

The bank regularly seeks to cut back on between 2% and 7% of its workforce each year based on various performance factors, market conditions and its financial outlook.

Posted by:Fred

#5 Internally they blame Apple for issuing lucrative cards in their name.

Posted by: Harry Platypus2574 2024-09-01 19:59

#4 Once you claim DEI has been stopped, it may tend to relieve the immediate pressure on management, but the cancer remains, grows and metastasizes, because removing the LGBTQXYZ/POC/Libtard elements is extremely difficult, litigious and visible. They protect their own and clustered around the HR departments in the beginning of the infestation by design.

Posted by: NoMoreBS 2024-09-01 14:37

#3 But the economy is doing great!

Posted by: Deacon Blues 2024-09-01 12:33

#2 They may reduce the headcount but the 'butt count' costs remain until facilities are released.

Posted by: Skidmark 2024-09-01 07:34

#1

It does raise the other question.
How many were "special" social hires to check off the diversity, equity and inclusion campaign block, instead of just hiring the best no matter what?

ALSO NOTE
The HR departments in corporate America have admitted DEI causes higher than normal attrition rates, with expenses adding up to 150% of an employee’s annual salary, reduce productivity and cause R.O.I. issues

End Result
It cost Goldman-Sachs literally $1 Billion in profits, before it too dumped DEI.

$1 Billion, which relates to what GS charged customers for services over that period of time.

Posted by: NN2N1 2024-09-01 05:04

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