Laying Off Employees Has Been Good For Goldman Sachs

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

Author:
Bess Levin
Updated:
Jan 14, 2019
Original:
Jul 19, 2016

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