FIRE JAMES CAYNE

Posted by Bess Levin, Sep 07, 2007, 10:33am

It’s always sad when veteran employees with spouses/children/golf club memberships to pay for* are shown the door for no good reason (other than the market being in the toilet), but what of the neophytes, who haven’t even been around long enough to have their spirits and wills to live crushed? We’re told that eighty salespeople from Goldman’s Class of 2007, hired just two months ago, were notified yesterday that the firm is “reevaluating” their (collective) role.

The disposables were then given the option of being transferred into operations now or biding their time for the next three months waiting for an as-yet-undecided fate, which could very well include being “let go.” If this is the kind of crap deal being offered to the Mini-Masters of the Universe, what do you think is being proffered to the youth of, say, Bear Stearns?

*By which we do not at all mean to imply James Cayne should be laid off. You came to that conclusion on your own, don't put that on us.

0Recommend this! 22Comments
Posted in: Banks, Goldman Sachs, James Cayne

Comments

Posted by voodoolady, Sep 07, 2007 10:43AM

There is always the Peace Corps. Its rare that you get a second chance just after you have sold your soul to the Devil. Perhaps their souls were just repo'd.

Posted by get a clue, Sep 07, 2007 10:44AM

Re-capitalizing a fund before selling off it's more-leveraged doppleganger was a bonehead move. Jimmy Cayne should get fired for that; it was an embarassment.

Posted by , Sep 07, 2007 10:51AM

roll?

Posted by Random Banker, Sep 07, 2007 10:58AM

I know you're new round these parts Bess but I remember the fall 2002 when the Goldman Equities Sales floor were slowly winnowed down to a mere sliver (the productive sliver) of its former self and Hank Paulson spouted out that 20% of the firm produced 80% of the profits.... Which is true but didn't quite fit with the Good to Great Touchie-Feelie image.

This is just the be beginning and Cayne will only leave the way any Wall Street CEO leaves a firm, a smarter faster more vicious version of himself will lour him over to a window, calmly discuss the view and then push him out. Just ask John Corizine

Posted by Random Banker, Sep 07, 2007 11:00AM

I know you're new round these parts Bess but I remember the fall 2002 when the Goldman Equities Sales floor were slowly winnowed down to a mere sliver (the productive sliver) of its former self and Hank Paulson spouted out that 20% of the firm produced 80% of the profits.... Which is true but didn't quite fit with the Good to Great Touchie-Feelie image.

This is just the be beginning and Cayne will only leave the way any Wall Street CEO leaves a firm, a smarter faster more vicious version of himself will lour him over to a window, calmly discuss the view and then push him out. Just ask John Corizine

Posted by french, Sep 07, 2007 11:08AM

haha sales-->operations

Posted by AJ, Sep 07, 2007 11:11AM

Is there really a difference between sales and operations?

Posted by ltj, Sep 07, 2007 11:12AM

hey its nice they even give the option to move to operations. goldman is a great corporate citizen for that rather than dumping these kids cold.

on the other hand a bunch of my equity salesguys are telling me that have had their most productive months ever with all the volatility here so you tell me.

anyway, we all know that even the lowliest trade ticket entry clerk at goldman is smarter than the most senior strategists at any other firm right ? so lets not worry about these folks too much

Posted by Random Banker, Sep 07, 2007 11:19AM

Don't worry that KKR IPO will be pricing any day now, restoring confidence to the market, Bottle service to the mini ballers, and free drinks to busted chicks from Penn newly arrived to murray hill

Posted by , Sep 07, 2007 11:24AM

@ random banker

Simply amazing

Posted by , Sep 07, 2007 11:26AM

looks like its about that time to start searchin for some corporate development/internal m&a jobs out in jersey, awesome

Posted by get a clue, Sep 07, 2007 11:46AM

@Random Banker: I mostly agree with you that defenestration is most likely, but it's not the only way. Ask Phil Purcell how powerful employee and shareholder anger are.

Posted by ltj, Sep 07, 2007 12:00PM

were these BAs or MBAs? anyone?

Posted by , Sep 07, 2007 12:58PM

Do you think there are 80 entry-level employees in SALES at Goldman Sachs with MBAs?

Posted by jcb, Sep 07, 2007 1:05PM

Where is this article link?

Posted by , Sep 07, 2007 1:07PM

there is no article-- db was told this by a goldman source

Posted by Trader, Sep 07, 2007 1:30PM

I am continually amazed at how pompous the i-bankers (read: excel / powerpoint wizards) are in their posts. Sales people are the life blood of any major franchise on wall st. What do you think senior investment bankers are doing all day? Certainly not tinkering in excel like the retard analysts & associates that post on here.

Posted by F'in Wiz, Sep 07, 2007 1:37PM

I think the point @1:30 was that banking takes some hard intelligence (here comes the bashing) whereas sales is largely a softer skill set

Posted by , Sep 07, 2007 1:38PM

Lets see, globally, spread between equities, fixed income, currency, commodities, and any number of other financial products, there could easily be 80 incoming sales MBAs

Posted by , Sep 07, 2007 2:09PM

Maybe I am wrong here, but I read the article so that 80 were notified, but do not comprise the entire class.

If thats the case, it would be a rather large class. 80 seems possible, if not on the large side, but 100+ MBA sales seems like a lot (and definitely more than my firm hired).

Posted by C Dan, Sep 07, 2007 3:37PM

@F*in Wiz "banking takes some hard intelligence"

HAH! I laugh harder each time I read it

Posted by , Sep 08, 2007 10:51AM

You guys are overblowing this. The move to operations is only for a few months because that division is understaffed.

Post Your Comment