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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Cogito Ergo Sum who wrote (191288)	8/27/2022 9:30:53 PM
From: Pogeu Mahone	Read Replies (1) \| Respond to of 217713

Wave of Goldman Sachs workers quit en masse at ‘toxic’ Wall Street giant: sources By Lydia Moynihan August 26, 2022 7:23pm Updated A group of bankers left Goldman amid a poor work environment, sources told The Post.Bloomberg via Getty Images Goldman Sachs has been hit by a wave of defections, and the atmosphere at the financial giant is at “an all-time toxic high right now,” The Post has learned. Six overworked first-year bankers quit and walked out en masse from the bank’s 200 West Street headquarters Wednesday after getting news of their bonuses, sources told The Post. Their departures have been followed by others in the same division — as everyone from chief executive David Solomon on down — constantly stresses the need to “perform, perform, perform,” sources told The Post. “People are on a whole new level of edge … given the economic climate,” a source told The Post. “We’re being threatened to perform or be cut.” Under David Solomon, Goldman Sachs has reached a whole new level of toxic, sources told The Post.AFP via Getty ImagesThe six first-year bankers and one second-year banker were members of the healthcare desk and left after being run-into the ground and “treated terribly” by higher-ups, sources told The Post. MORE ON: GOLDMAN SACHS Wall Street banks force Gen Z workers to take down TikTok videos: report Three-quarters of Wall Street’s junior bankers want to quit their jobs: survey Wall Street CEOs warn recession is likely — even as their own economists waffle Working at Goldman Sachs was sexist and perverted — but money made it worth it (for a while) First years learned that the bonuses of the class above them — who had disclosed to Goldman they would leave after completing their second year — were substantially lower than expected, according to sources People with knowledge say the second-year bonuses — communicated to bankers in July and awarded in August — precipitated the mass exit of bankers who didn’t think it was worth it to stay another year. The final insult was the low compensation — given the thousands of hours of grunt work –while associates, who are just a few years older, received as much as three to four times their pay, a source said. All the workers who quit have lined up jobs took jobs in tech, private equity or healthcare, the sources said. Goldman’s healthcare banking group is seen as the best on the street, so the disappointing bonuses in this sector alarmed other juniors internally, sources said. A person familiar with the bank’s thinking downplayed the defections. “There’s always natural turnover around bonus season, and this small number of departures is par for the course,” the person said. “Goldman is seeing a record amount of applications for roles like these,” this person added. While junior bankers will often hand in their resignation after getting a bonus and nabbing a new job at another company, the coordinated effort is unusual — and underscores the resentment and animosity many analysts feel toward the bank, insiders said. Sources said the environment at the company as employees to “perform, perform, perform.”Bloomberg via Getty ImagesThese Insiders predict the mass exodus is expected to continue as Goldmanites reach a breaking point. “I bet TMT is next,” a source said — referring to the technology, media, and telecom banking group, which is seen as one of the most coveted sectors in the bank. Goldman Sachs has said it is slowing hiring and bringing back performance reviews to cull the bank’s lowest performers after profits were nearly halved in the most recent quarter. As the pandemic-era boom in corporate dealmaking begins to sputter amid rising recession fears and surging interest rates, the bank is looking to cut costs companywide. “Given the challenging operating environment, we are closely re-examining all of our forward spending and investment plans,” Chief Financial Officer Denis Coleman said on the company’s earnings call last month. “Specifically, we have made the decision to slow hiring velocity and reduce certain professional fees going forward.” The bank will weed out laggard staff by simply not filling roles after employees leave and by axing its lowest performers, Coleman said. The dreaded performance review had been suspended during the pandemic when the bank was looking to hire as many people as possible as profits hit all-time highs. “People are on a whole new level of edge… given the economic climate,” a source told The Post. “We’re being threatened to perform or be cut.”Bloomberg via Getty ImagesBut a source adds it’s not just top management telling investors jobs will be cut — “we’re being told directly from group heads” we could be fired as well, the source adds. While bonuses on Wall Street hit record highs last year as financial giants like Goldman Sachs and JPMorgan grappled with a dire lack of bankers amid a surge in dealmaking, compensation has trailed off this year. The stingy payouts come as Wall Street faces a sharp dropoff in the flow of big corporate deals including IPOs and leveraged financing, sparking renewed fears that layoffs are looming in the months ahead. FILED UNDER BANKS DAVID SOLOMON ECONOMY GOLDMAN SACHS WALL STREET 8/26/22 READ NEXT 'Seeing stars': Riders share horror stories after 5 hurt o...