Google CEO Sundar Pichai to face hot seat over private messages: sourcesGoldman Sachs announced 608 employees were getting promoted to managing directors Thursday – but as hundreds celebrate their promotions, hundreds of others are getting quietly cut, sources told On The Money. for Goldman CEO David Solomon – made headlines, these firings are being described as “stealth layoffs” since they’re much smaller in scale and since the firm appears to be making every effort to keep them quiet.
So far cuts seem to be concentrated on asset and wealth management and global markets with investment banking escaping largely unscathed, sources add. The firings include a range of employees — with everyone from associates to managing directors getting pink slips, sources add., when the asset management and wealth management groups were joined last year, it created certain redundancies – like combining two marketing groups.
At the same time, the bank has been making headlines for its new class of Managing Directors – it announces new MDs every other year and a new partner class in the off years. This class of MDs is 5% smaller than 643 bankers promoted in 2021 but larger than the 465 bankers promoted in 2019. Most of the promotions – 47% – are in the global banking and markets division.
Firings are being described as “stealth layoffs” since they’re much smaller in scale. Above, Goldman Sachs CEO David SolomonIn September, the bank had signaled it would be axing a small portion of its workforce as part of its annual culling process. The layoffs — which have been expected to target 1% of under-performers at the Wall Street giant — are the fourth round of cuts at the bank over the span of a year.
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