Alan Johnson a compensation consultant sent out a statement cum threat that if things don’t go well in the JFM quarter, they’ll have to take further steps, ruthlessly saying,” you can’t have these expensive people sitting around with nothing to do.”
While there’s a rush of entrepreneurship and narratives of religiously devoting to your jobs, corporates are again failing to give a fair return of what they expect out of employees. Here’s another layoff news, risking the lives of 1000s of families!
According to several sources, the largest round of layoffs at the multinational investment banking and financial services giant Goldman Sachs will begin this week and affect thousands of employees. The number coming out is around 7% of the workforce which is around 3000 employees. On a similar note, according to a Bloomberg report, 3,200 people will be laid off from the bank in the forthcoming week.
The majority of these layoffs are from the main banking and trading division, This is because rising volatility in the world’s financial markets has prevented institutional banks from successfully completing corporate deals.
The change has occurred due to the deteriorating global economic situation, which has compelled several businesses across industries to reconsider their expansion plans and concentrate on cost-cutting. Another major investment bank, Morgan Stanley, let go of about 2% of its workforce in December 2022.
Goldman Sachs is also preparing to reveal financial details on a new division that will house its credit card and installment loan businesses, which will show pre-tax losses of more than $2 billion. This is the biggest staff cut after the 2008 Lehman Brothers bankruptcy.