{"id":538059,"date":"2023-01-09T21:58:29","date_gmt":"2023-01-09T18:58:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/goldman-sachs-bankers-have-nickname-for-looming-mass-layoffs\/"},"modified":"2023-01-09T21:58:29","modified_gmt":"2023-01-09T18:58:29","slug":"goldman-sachs-bankers-have-nickname-for-looming-mass-layoffs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-bankers-have-nickname-for-looming-mass-layoffs\/","title":{"rendered":"#Goldman Sachs bankers have nickname for looming mass layoffs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d20f0aa222\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d20f0aa222\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-bankers-have-nickname-for-looming-mass-layoffs\/#%E2%80%9CGoldman_Sachs_bankers_have_nickname_for_looming_mass_layoffs%E2%80%9D\" >&#8220;Goldman Sachs bankers have nickname for looming mass layoffs&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CGoldman_Sachs_bankers_have_nickname_for_looming_mass_layoffs%E2%80%9D\"><\/span>&#8220;Goldman Sachs bankers have nickname for looming mass layoffs&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Goldman Sachs is expected to fire about 3,200 workers starting on Wednesday \u2014 a massive bloodbath that bankers at the firm are calling \u201cDavid\u2019s Demolition Day,\u201d The Post has learned.<\/p>\n<p>Word of the layoffs by hard-charging chief executive David Solomon spread at the Wall Street giant\u2019s headquarters in downtown Manhattan on Friday after a partner in the wealth management division was overheard telling a colleague that culling would begin the following week, sources said.<\/p>\n<p>The firings \u2014 short of an earlier report that predicted as many as 4,000 casualties \u2014 are nevertheless the most significant since Goldman culled its ranks following the 2008 financial crisis. The bank is scrambling to offset plunging investment banking revenues following a sharp dropoff in mergers driven by so-called \u201cblank check\u201d companies.<\/p>\n<p>The layoffs likewise follow a massive hiring spree under Solomon to fill demand for such pandemic-era dealmaking that has added more than 10,000 employees since he took the helm in 2018. As of Sept. 30, Goldman employed more than 49,000 worldwide, according to financial filings. <\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Goldman-sachs-50-1.jpg?w=1024\" alt=\"David Solomon\" class=\"wp-image-25035814\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Goldman-sachs-50-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Goldman-sachs-50-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Goldman-sachs-50-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Layoffs at Goldman Sachs are being labeled \u201cDavid\u2019s Demolition Day.\u201d<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>At least 1,000 casualties will hit the firm\u2019s core businesses like banking and trading, according to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-09\/goldman-sachs-gs-to-cut-about-3-200-jobs-after-cost-review\">Bloomberg report<\/a>. While trading revenues are expected to post a 22% jump for 2022, banking fees are seen down more than 50%, according to the report. Hundreds more layoffs are expected at Goldman\u2019s troubled consumer banking unit, which the company said it was shrinking in October, admitting that it had never made money.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>The layoffs will not affect the roughy 3,000 incoming analysts who will start their new roles in summer 2023, sources said. <\/p>\n<p>Goldmanites have been jittery since Solomon\u00a0revealed plans to lay off another round of workers\u00a0during \u201cthe first half of January.\u201d <\/p>\n<p>\u201cThere are a variety of factors impacting the business landscape, including tightening monetary conditions that are slowing down economic activity,\u201d Solomon said in a voice memo sent to employees at the end of December. \u201cWe need to proceed with caution and manage our resources wisely.\u201d<\/p>\n<p>A representative for Goldman declined to comment.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-002.jpg?w=1024\" alt=\"Pedestrian walks past a building in NYC\" class=\"wp-image-25294643\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-002.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-002.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-002.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Layoffs at Goldman Sachs are being labeled \u201cDavid\u2019s Demolition Day.\u201d<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-001.jpg?w=1024\" alt=\"Goldman Sachs sign\" class=\"wp-image-25294653\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-001.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-001.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-001.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>At least 1,000 casualties will hit the firm\u2019s core businesses like banking and trading.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>The job cuts come ahead of Goldman\u2019s annual bonus payments, which are usually delivered later in January and are expected to fall about 40%, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/goldman-sachs-start-cutting-thousands-jobs-midweek-sources-2023-01-09\/\">according to Reuters<\/a>. The bank restarted its annual performance review process and staff cuts in September after pausing for two years during the pandemic.<\/p>\n<p>The Wall Street giant typically trims about 1% to 5% of employees each year. These new cuts will come on top of the earlier layoffs.<\/p>\n<p>As reported by The Post, Goldman  yanked a free-coffee perk that workers had enjoyed each morning in the \u201cSky Lobby\u201d on the 11th floor of its headquarters at 200 West. St. On Friday, a barista supplying free coffee to workers outside the building said bankers were \u201creally bummed\u201d about the coffee situation even as they feared for their jobs. <\/p>\n<p>Shares of Goldman rose 1.4% to $353.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2023\/01\/09\/goldman-sachs-bankers-have-nickname-for-looming-mass-layoffs\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Goldman Sachs bankers have nickname for looming mass layoffs&#8221; Goldman Sachs is expected to fire about 3,200 workers starting on Wednesday \u2014 a massive bloodbath that bankers at the firm are calling \u201cDavid\u2019s Demolition Day,\u201d The Post has learned. Word of the layoffs by hard-charging chief executive David Solomon spread at the Wall Street giant\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":538060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jan-11-goldman-sachs-layoffs-010.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[138247,70789,70790],"class_list":["post-538059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-9-23","tag-david-solomon","tag-goldman-sachs"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=538059"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/538060"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=538059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=538059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=538059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}