- Sources close to Goldman Sachs told the New York Post that more departures are likely ahead.
- This year’s annual bonuses will be so “skimpy” that employees will quit on their own, company insiders have claimed.
- The company laid off 3,200 employees on Wednesday as part of a cost-cutting effort.
After cutting more than 3,000 jobs on Wednesday, Goldman Sachs plans to lay off about 800 additional workers in a less direct manner, company insiders say.
Another round of employees is expected to drop in the coming weeks after Goldman Sachs issues annual bonuses, according to sources close to the company who spoke to the New York Post. The upcoming bonuses are expected to be “so meager that disgusting recipients pack up and leave,” the sources told the Post.
“The expectation is that people will stop within the next week,” a source told the Post.
The move would encourage already depressed employees to leave the company without having to be fired by senior staff, part of an existing Wall Street strategy to boost staffers.
A Goldman employee described office morale as “super low” and claimed their colleagues are “very depressed,” according to the New York Post report. The company’s recent layoffs are part of a cost-cutting effort that impacted 3,200 positions in New York, Dallas, Chicago, Salt Lake City and London.
Some employees were reportedly asked to attend business meetings, whereupon they were fired and in some cases given only 30 minutes to leave, according to the New York Post.
A Goldman Sachs spokesperson addressed the layoffs in a statement to Insider: “We know this is a difficult time for people leaving the company. We are grateful for all of our people’s contributions and we are providing support to help ease their transitions. Our focus now is the right size of the business for the opportunities ahead in a challenging macroeconomic environment.”