Goldman Sachs Probably Won't Be Laying People Off Anytime Soon

People being the operative word here, as the statement "we're going to look for other means for efficiency" most certainly suggests plants may once again find themselves on the chopping block. After a year of cost-cutting that resulted in more than 2,400 job cuts, Goldman Sachs is satisfied with its staffing levels and doesn't intend to conduct more large layoffs. Chief Financial Officer David Viniar said the firm has "largely implemented our announced expense reductions" and is "relatively well-positioned, assuming the environment stays where it is." He was speaking on a conference call with analysts to discuss first-quarter earnings. "We're going to look for other means for efficiency," he said. "I wouldn't expect anything major to change from where we are." Goldman Sachs Ends Layoffs [FINS] Related: Layoffs Watch ’11: Goldman Sachs’ Philodendrons In The Line Of Fire
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People being the operative word here, as the statement "we're going to look for other means for efficiency" most certainly suggests plants may once again find themselves on the chopping block.

After a year of cost-cutting that resulted in more than 2,400 job cuts, Goldman Sachs is satisfied with its staffing levels and doesn't intend to conduct more large layoffs. Chief Financial Officer David Viniar said the firm has "largely implemented our announced expense reductions" and is "relatively well-positioned, assuming the environment stays where it is." He was speaking on a conference call with analysts to discuss first-quarter earnings. "We're going to look for other means for efficiency," he said. "I wouldn't expect anything major to change from where we are."

Goldman Sachs Ends Layoffs [FINS]
Related: Layoffs Watch ’11: Goldman Sachs’ Philodendrons In The Line Of Fire

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Layoffs Watch '12: Goldman Sachs

The cuts aren't expected to go too deep but every man, woman, and plant counts. David A. Viniar, Goldman's chief financial officer, said the latest round of belt-tightening by the New York company might include job losses for "a couple of hundred people." By year end, Goldman will reduce total expenses by $500 million on top of about $1.4 billion in cuts since last spring. Goldman To Tighten Belt Further [WSJ] Related: Goldman Sachs’ Philodendrons In The Line Of Fire

Layoffs Watch '12: Goldman Sachs

A whole bunch of senior people were to pack up their things and leave last Thursday. Goldman Sachs laid off about 50 people last week, according to people briefed on the matter but not authorized to speak on the record. The cutbacks have rattled some people in the firm, in part because a number of the employees were managing directors and on the higher end of Goldman’s pay scale. We're also told that "good performers, not dead weight" were among those cut, which must doubly sting. Goldman Sachs Cuts A Little Deeper [NYT]

Goldman Sachs Can Fix This

A week ago today, a man named Greg Smith resigned from Goldman Sachs. As a sort of exit interview, Smith explained his reasons for departing the firm in a New York Times Op-Ed entitled "Why I Am Leaving Goldman Sachs." The equity derivatives VP wrote that Goldman had "veered so far from the place I joined right out of college that I can no longer in good conscience say I identify with what it stands for." Smith went on to note that whereas the Goldman of today is "just about making money," the Goldman he knew as a young pup "revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients." It was a culture that made him "love working for the firm" and its absence had stripped him of "pride and belief" he once held in the place. While claiming that Goldman Sachs has become virtually unrecognizable from the institution founded by Marcus (Goldman) and Samuel (Sachs), which put clients ahead of its own interests, is hardly a new argument, there was something about Smith's words that gave readers a moment's pause. He was so deeply distraught over the differences between the Goldman of 2012 and the Goldman of 2000 (when he was hired) that suggested...more. That he'd seen things. Things that had made an imprint on his soul. Things that he couldn't forget. Things that he held up in his heart for how Goldman should be and things that made it all the more difficult to ignore when it failed to live up to that ideal. Things like this: