- Sources close to Goldman Sachs told the New York Post that more departures are on the horizon.
- This year’s annual bonuses are so “small” employees will quit, company insiders claim.
- The company laid off 3,200 workers on Wednesday in an effort to cut costs.
After cutting more than 3,000 jobs on Wednesday, Goldman Sachs plans to lay off about 800 more employees indirectly, company insiders said.
Another round of layoffs is expected in the coming weeks after Goldman Sachs issues annual bonuses, according to sources close to the firm who spoke to the New York Post. The upcoming bonuses are expected to be “so paltry that disgusted recipients will pack up and leave,” sources told the Post.
“People are expected to walk off the job next week,” a source told the Post.
The move would encourage already disgruntled employees to leave the company without being fired by higher-ups, part of an existing Wall Street strategy to drive out employees in what used to be called “exit,” a term coined by media mogul Barry Diller.
One Goldman employee described office morale as “extremely low” and claimed their colleagues were “very depressed,” according to a New York Post report. The company’s latest layoffs are part of a cost-cutting drive that has affected 3,200 positions in New York, Dallas, Chicago, Salt Lake City and London.
Some workers were reportedly asked to attend business meetings during which they were fired, and in some cases given only 30 minutes to leave, according to the New York Post.
The Goldman Sachs representative referred to the layoffs in a statement to Insider. “We know this is a difficult time for people to leave the company. We are grateful for all of our people’s contributions and are providing support to ease their transitions. now we need to resize the company for the opportunities that await us in a challenging macroeconomic environment.”