Goldman Sachs Doesn't Feel The Need To Explain Its Layoffs To You

Yeah, YOU.
Getty Images

Getty Images

That's why the bank will cut a few dozen traders here, 40-something investment bankers there. Slowly. Quietly. Packed into Ford F-350 pickup trucks early in the morning and late at night. Under a cloak of darkness. Blindfolded. Drawn out as to be imperceptible. Not all at once, like its bush-league, simple colleagues at Morgan Stanley.

The first “plant layoff” notice came in February: 43 people would lose their jobs. The second arrived six weeks later, increasing the cuts to 109 workers. Then a third, in April, for 146 more. And a fourth, in June: 98. Three more notices followed, including 20 dismissals announced last week...With the run of notices, seven since the start of the year, the bank has signaled its intention to dismiss hundreds of employees in New York without placing a single, headline-grabbing number on the overall reduction, already its largest since 2008. The company’s approach differs from competitors, including Morgan Stanley, who have shown a preference for larger, one-time cuts...“When there’s a big number, people right away get that something is happening at that firm -- it’s a negative,” said Jeanne Branthover, a partner at New York-based executive-search firm DHR International. “This is more, ‘We’re having layoffs and we don’t want to explain it.’ It’s more under the radar screen.” 

Any questions? That's what they thought.

Here's How Goldman Sachs Lays People Off [Bloomberg]