Laying Off Employees Has Been Good For Goldman Sachs

Thanks to everyone who chipped in by cleaning out their desks.

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Updated:: Jan 14, 2019
Original:: Jul 19, 2016

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Good, though not as good as they could be, thanks to those pesky severance packages Lloyd and Gar have had to dole out. But, beggars/choosers/etc.

Like other banks, Goldman has responded to the tough environment by cutting costs. Goldman has been eliminating jobs -- about 2,000 this year. Tuesday, it detailed about $700 million of annual savings from those reductions going forward. Severance costs associated with those cuts reduce the savings in 2016 by about half.

Goldman Sachs Lays Out Cost Cuts As Revenue Slips [WSJ]

Earlier: Layoffs Watch ’16: Goldman Sachs Tells Investment Bankers To Clean Out Their Desks; Layoffs Watch ’16: Goldman Sachs Traders And Salesman Got An Extra-Long Holiday Weekend; Layoffs Watch ’16: Goldman Sachs Is Spreading Out Its Tough Goodbyes This Fall

PartyLloyd

Congrats everyone!

Don't like it? Cry Lloyd Blankfein a river. Oh, and there's more where that came from.

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Make that out to Joseph Jiampietro, with J, thanks.

Hard on him that it is on you. (Getty Images)

According to Charlie Gasparino, the House of Lloyd is preparing big cuts.

Sad about it. Getty Images.

The House of Lloyd has bid a buncha employees adieu.

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Some little Lloyds won't make it past Labor Day, while others will get to celebrate one last Halloween/National Salami Day/Election Day/Boxing Day at the bank.

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