Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Goldman Plans Second Round Of Layoffs Ahead Of “Significant Staff Reductions” In 2021

Courtesy of ZeroHedge View original post here.

In the immediate aftermath of the covid pandemic, and just before the Fed injected $3 trillion into the system to make sure no financial firms fail ever again, US banks took the unusual step of expressing virtue signaling solidarity with their workers and promising nobody would be let go for the foreseeable future. Well, the foreseeable future ended in just a few months, because around mid-summer, the first round of layoffs hit, with tens of thousands of bankers suddenly finding themselves obsolete in a world of "lower rates for much longer."

Well, fast forward to today, when we just moved to round two with Bloomberg reporting that Goldman Sachs is set to trim its workforce for the second time in just three months, as a "moratorium on firings" during the pandemic gives way to a push to improve efficiency, i.e., aggressive cost cutting just before bonus season.

Goldman CEO David Solomon, aka DJ D-Sol seen here in happier times.


 

While this particular round isn’t expected to exceed the roughly 400 positions the bank began eliminating in September, Bloomberg sources said that this is just the beginning as the bank expects to "go deeper" in 2021 in what could "eventually amount to one of the most significant staff reductions at the bank as it looks to deliver on a promise to rein in costs."

A Goldman spokeswoman told Bloomberg that "The firm has made a decision to move forward with a modest number of layoffs", after earlier in the year it announced that it would suspend any job reductions.

The layoff should not be a surprise: in January Goldman laid out a target to eliminate more than $1 billion in expenses, and it has been examining how to meet that goal. And with hundreds first then thousands of pink slips about to be unleashed, it appears to have found the right formula.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!



Comments (reverse order)


    You must be logged in to make a comment.
    You can sign up for a membership or get a FREE Daily News membership or log in

    Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

    Click here to see some testimonials from our members!


  1. Of course, heaven forbid they would do any across-the-board salary reductions so people could continue to have a job. Exactly why the people of this country hate bankers.