Goldman Sachs fires mid-level bankers after dishing out bonuses and hiking salaries during pandemic

Goldman Sachs has launched a wave of mass layoffs of workers across the US after dishing out cushy bonuses and high salaries during pandemic – amid an anticipated drop in earnings as the economy slows.

The investment-banking division of the Wall Street giant launched the effort last week, according to a report, firing hundreds of bankers in offices across the globe, as it looks to rein in expenses and weed out low-performing employees.

Employees at all levels were affected by the cull, sources said – with the brunt of the effort being felt by senior-to-mid-level staffers, such as several senior associates and vice presidents.

Nearly a dozen bankers in the prestigious bank’s technology, media and telecommunications division were fired alone. 

Consumer retail, health care and industrials divisions were all reportedly hit by layoffs, which had been anticipated after the firm said back in July that it planned to slow hiring and reinstate annual performance reviews,

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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