Wednesday, December 10, 2008

Goldman Sachs Laid Off Thousands in 1st week of November 2008

Goldman Sachs notified roughly 3,200 employees this week that they have been laid off. It was part of previously announced and reported plans to slash 10 percent of the firm’s global work force.

Goldman has quietly and slowly cut jobs all year. The bank laid off hundreds of M&A support staff and junior bankers in June due to slowing markets, following a round of leveraged lending and mortgage securities cuts in April.

Early this year, Goldman cut 1,500 people, or 5 percent of its staff, following 2007 performance reviews.

A typical commnet by a GS employee

As someone who was let go from GS on Wednesday, I can tell you that the process was not very pleasant. They came in the morning, took us out, processed our paperwork and that was it. No goodbyes, no thanks for your contribution, no ability to go back to get our belongings. To make matters worse, no bonus will be given (assuming one is given to those still working there) even though we accrued the bonus for 11 of the 12 months. Makes me think that they wanted to keep the bonus pool high for existing employees, so they get rid of those who would be getting a bonus in 3 weeks - that is what truly sucks.

— Posted by Jessop

For more comments by GS employees


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