Skip to main content

Goldman Sachs may not think we’re heading for a particularly cold winter economically, but there’s still a distinct chill in the air at 200 West and the other hives of the Elect around the world.

Goldman Sachs is preparing for a round of layoffs that could come as soon as next week…. Goldman typically revisits its head count every year, letting go of employees based on performance and to match the bank’s needs. It had paused that program during the pandemic, which also coincided with a record period for deal-making, when bankers complained of overwork. The program typically lays off 1 to 5 percent of workers; this round of layoffs is likely to be at the lower end of that range, a person familiar with the matter said.

The cuts are said to be coming company-wide. But as elsewhere on the Street, they’ll be coming more to some parts of the company than others. One part in particular, actually.

Revenue from Goldman’s investment banking division fell 41 percent from the same period in 2021. The firm said its backlog of deals fell, but did not say by how much. At the time, the bank said hiring for the rest of the year would slow…. “They just don’t need as many bodies as they have,” said Chris Connors, a vice president at Johnson Associates, a compensation consulting firm. “Production has fallen off a cliff.”

Goldman Sachs Prepares for Layoffs as Deal-Making Slows [NYT]


This would be a start. By The original uploader was Hephaestos at English Wikipedia (Transferred from en.wikipedia to Commons.) [Public domain], via Wikimedia Commons

Bonus Watch ’23: Your Bonus Is Keeping Your Job

A half-size bonus is arguably preferable to a pink slip. Arguably.


Compensation Watch ’21: Goldman Sachs Junior Mistmakers

Alright you ungrateful little turds here’s your f**king snowflake raise.


Compensation Watch ’21: Goldman Sachs First Years

Goldman has done very well. Goldman’s kiddies? Maybe less so.

Goldman Sachs Dress Code

The Part Of Goldman Sachs David Solomon Is Getting Rid Of Posts Record Quarter

You won’t need to worry about profits doubling once Marcus is in charge.

Getty Images

Layoffs Watch ’22: State Street Might Like To Buy A Smaller Credit Suisse

What will come first? The cannings or the unsolicited offer?

Getty Images

HSBC Encouraging Those I-Bankers Who Can To Leave And The Rest To Just Slack Off

Luckily, under its current plan, there will be no need for another awkward conversation on the matter next year.