Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Business Finance

Thousands of jobs cut at Goldman Sachs

Goldman Sachs joins the ranks of the many companies tightening belts in preparation for an economic downturn, but in a big way.

goldman sachs

The great layoffs have been happening for months now. Large companies are laying off thousands of employees at a time. Small companies have been slicing their workforces in half and completely getting rid of whole departments. Some say it’s to gear up for the next great depression whilst others think it’s not even a threat to the economy. Only time will tell.

However we have another big hitter in the field, Goldman Sachs has cut 3,200 positions. Some speculate as the year progresses that number may grow.

The New York Post is calling it a “bloodbath” and has even learned that the upcoming layoffs have a nickname internally, “David’s Demolition Day” (after CEO David Solomon). I never thought Goldman Sachs could frighten me beyond what they might do to my savings account.

The 3,200 (or 6% of their workforce) is in addition to the usual 1-5% the company normally trims of its employee pool. Goldman Sachs could easily drop 10% of their headcount this year alone.

Advertisement. Scroll to continue reading.

In an internal voice memo sent to employees back in December, Solomon stated “We need to proceed with caution and manage our resources wisely” in reference to the economic state of the country and the continuous slowdown of economic activity. 

The layoffs are reportedly impacting every division, from the poor performing consumer banking unit to the core business banking and trade departments.

What’s very interesting to see here though, is their tactics. Prior to the 2008 finical crisis that hit the entire country, Goldman Sachs had a massive hiring spree and then let go of thousands. Those same tactics whatever the positive benefits they have are again being put into play.

This only furthers the suspicions of a financial downfall, predicted by larger corporations and money managers. Goldman Sachs, like many other companies, seeks to protect their investments and most contributing employees. 

Advertisement. Scroll to continue reading.

A native New Englander who migrated to Austin on a whim, Stephanie Dominique is a freelance copywriter, novelist, and certificate enthusiast. When she's not getting howled at by two dachshunds or inhaling enough sugar to put a giant into shock, she is reading, cooking or writing about her passions.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business Finance

It’s been a tough several months for crypto. We’ve seen quite the stalemate in regards to trading trends, this next to no hope in...

Business Entrepreneur

Twitter releases Blue for Business, allowing companies to identify employees on the platform. This could go wrong or be a positive move.

Business Finance

Following Florida's lead, Arizona state decides to divest its investments in BlackRock over their ESG policies.

Business Finance

Adulting is hard, but retirement looms no matter your age - here are some ways to start squirreling money away so it's less stressful...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.