Goldman accelerates layoffs

[turkeyneck]

Another nail in NYC real estate's coffin...


NEW YORK -(Dow Jones)- After dodging mortgage-related losses that crippled its peers last year, Goldman Sachs Group (GS) is laying off an unusually high number of employees as it faces mounting woes in its leveraged lending and investing portfolios.

Goldman annually culls the bottom tier of its workforce based on performance reviews, affecting everyone from clerical staff to its highest-ranking "partner- managing directors." The process clears the way for new hires and up-and-comers, the company says, but this year's culling is more aggressive.

"We're giving people a little less breathing space," said a person with knowledge of the current round of layoffs that began a few weeks ago and is expected to continue through early March.

http://money.cnn.com/news/newsfeeds/articles/djf500/200802211506DOWJONESDJONLINE001036_FORTUNE5.htm

 

[WallstYouth]

Quote from turkeyneck:

Another nail in NYC real estate's coffin...


NEW YORK -(Dow Jones)- After dodging mortgage-related losses that crippled its peers last year, Goldman Sachs Group (GS) is laying off an unusually high number of employees as it faces mounting woes in its leveraged lending and investing portfolios.

Goldman annually culls the bottom tier of its workforce based on performance reviews, affecting everyone from clerical staff to its highest-ranking "partner- managing directors." The process clears the way for new hires and up-and-comers, the company says, but this year's culling is more aggressive.

"We're giving people a little less breathing space," said a person with knowledge of the current round of layoffs that began a few weeks ago and is expected to continue through early March.

http://money.cnn.com/news/newsfeeds/articles/djf500/200802211506DOWJONESDJONLINE001036_FORTUNE5.htm

This is nothing new Goldman has been doing this for years and its why they have been so successful over the years. Get rid of the dead weight at the top so this gives incentive for strong performers to quickly rise to the top. Kudos to Goldman.

 

[nazzdack]

~1,500 out of ~30,000 people......about 5%........that's "normal".

 

[bidask]

lol who goes and who stays in a layoff is 99% based on politics and who is likeable vs not likeable and who is an ally vs who is not. no disrespect, but this not not school where you can cut everyone who got a D or F. there are no such measure like that in the workplace.

Quote from WallstYouth:

This is nothing new Goldman has been doing this for years and its why they have been so successful over the years. Get rid of the dead weight at the top so this gives incentive for strong performers to quickly rise to the top. Kudos to Goldman.

 

[AK100]

Yep politics and who's got the dirt on who.

That's why in the financial markets you better be a weasel and have some juicy info on those you work with. don't forget they're doing the same with you....