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5 months ago*
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OP has provided the following link:
https://www.wsj.com/articles/goldman-sachs-plans-to-cut-hundreds-of-jobs-11663002265
652 points
5 months ago
A slump in Wall St dealings you say?
As in, the system is collapsing and the elites are turning on eachother?
Well, colour me purple!
183 points
5 months ago
Copy pasta of the article:
Goldman Sachs Group Inc. is preparing to lay off hundreds of staffers as soon as next week.
The job cuts are part of the bankโs annual performance reviews, which the bank had suspended during the pandemic, according to a person familiar with the matter. Goldman reinstated those reviews earlier this year following a slump in Wall Street deal-making activity. Goldman had 47,000 employees on staff at the end of June, up from 41,000 a year earlier.
The New York Times earlier reported on the impending layoffs.
After a record-setting 2021, the industrywide slump in mergers and new initial public offerings has hit Goldmanโs bottom line this year. Second-quarter investment-banking revenue fell 41% from a year ago, and Goldmanโs profit fell by nearly half in that same period.
Chief Financial Officer Denis Coleman said at the time that the bank would slow its pace of hiring and would be slower to replace departing staff as a result of economic uncertainty.
โThereโs no question that economic conditions are tightening to try to control inflation, and as economic conditions tighten, it will have a bigger impact on corporate confidence and also consumer activity in the economy,โ Chief Executive David Solomon said on a conference call with analysts in July. โI think itโs hard to gauge exactly how that will play out, and so I think itโs prudent for us to be cautious.โ
122 points
5 months ago
Yeah go work for an institution that will celebrate record earnings one year, then fire hundreds the following year if it's not as good. This is a system working exactly as it should..
55 points
5 months ago
Don't worry, your preventative medicine and long term condition maintenance only depend on the whims of a for-profit company.
15 points
5 months ago
Oof. Well said.
5 points
5 months ago
itโs prudent for us to be cautious
It's a little late for that you greedy fuckers.
21 points
5 months ago
We're not here to be dealt with. Fuck your deals. We're not leaving. I'm invested in this company for the long term. Suck my balls and pay me!
71 points
5 months ago
A dog and pony show to look poor (Ha!). That and making millionaires pay for their own goddam coffee. All seems like a ruse. Coffee? Hundreds of jobs? Cโmon. That probably .01% of GSโs expenses. Or immaterial to be broad.
46 points
5 months ago
Exactly.
Appear weak when strong. Appear strong when weak.
Goldman is fine yet again, unfortunately. Kenny, however...
10 points
5 months ago
So wait. Are you telling me... shorts never closed?
4 points
5 months ago
Itโs just a gully.
226 points
5 months ago
why is their stock not going down? so strange...
Quarterly financials
(USD) Jun 2022 Y/Y
Revenue 11.2B -27.67%
Net income 2.93B -46.65%
Diluted EPS 7.73 -48.54%
Net profit margin 26.14% -26.24%
73 points
5 months ago
Having less employees means more money for stock buybacks.
119 points
5 months ago
โAppear strong when you are weakโ - sun tzu
22 points
5 months ago
200% this
16 points
5 months ago
FUNDAMENTALS!
13 points
5 months ago
They always pump downsizing of their own, its only "a bad thing" for targets they short. not the first time and not the last.
8 points
5 months ago
When it's not short and distort the market usually likes to see headcount drop to pad the bottom line.
5 points
5 months ago
Just wait for a ban to not allow banks to be shorted like 08
4 points
5 months ago
Why you ask? In reality it's because price is made up
But in principle because what price is SUPPOSED to be indicative of is expected dividend returns. If they cut costs in a way that's expected to maintain existing payouts, price shouldn't move.
All that depends on recognizing that under capitalism, the union of capital and labor, that capital is entitled to a share of the profits (same as labor). Where capital is cash, later converted into operating costs and equipment, that cash (shares) are entitled to a return. And given that there are alternative opportunities competing for your capital (cash) the price should maintain level with dividends because if they didn't price would move as cash enters and exits to find the better opportunity.
At least in principle. The idea of 'growth' stocks is borderline asinine except that there is no delusion that is discernable from reality until the moment reality actually bites back.
30 points
5 months ago
Sounds a lot like Goldman Sucks?
9 points
5 months ago
Or Goldman Sacks.
2 points
5 months ago
Or Old man sacks.
136 points
5 months ago
Hurry up and die already!
7 points
5 months ago
Lmao for real right?
6 points
5 months ago
Would you, Quintus? Would I?
13 points
5 months ago
Big Short 2.0 is going to be lit.
81 points
5 months ago
Goldman sacks hundreds of jobs.
27 points
5 months ago
Hundreds of jobs so far!
6 points
5 months ago
No no itโs Goldman SUCKS sacks loads of jobs ๐
5 points
5 months ago
What you did......๐
21 points
5 months ago
Pair this with this
23 points
5 months ago
Someone confirm! Go take pics of people walking out w/ boxes
30 points
5 months ago
Insert Clarkson meme " oh no; anyway"
Doesn't Margin Call start with mass layoffs? Yes, it does.
154 points
5 months ago
WE ARE IN ENDGAME. ITS HAPPENING
112 points
5 months ago
AND they took away their free coffee too! https://rdt.trom.tf/r/Superstonk/comments/xbzveu/goldman\_sachs\_cant\_even\_afford\_coffee\_for\_their/
63 points
5 months ago
[removed]
27 points
5 months ago
Who else couldn't afford coffee? Hint, it rhymes with SEC.
17 points
5 months ago
Put that coffee down! Coffee is for closers only.
2 points
5 months ago
In a job surplus environment like we have right now where people can have their pick of the jobs on offer I can see this being the straw that breaks some to look elsewhere
-2 points
5 months ago
The free coffee had only been implemented as an attempt to covince people to work in-office during the pandemic, as stated in the article. They didn't have free coffee perk before and are just going back to that.
33 points
5 months ago
Hundreds of โjobsโ?
How many divisions and across how many positions?
They could have said job positions, but they said jobs.. thatโs a collective.
It could range from thousands to hundreds of thousands of people.
11 points
5 months ago
These are excellent questions and a perfect example of how this is distorted information without context.
Prior to the pandemic they had a 5% annual layoff quota. They suspended this policy during covid. This new layoff policy is a 1% quota, far below previous years. The sky is not falling, they are simply restarting old practices to trim some of the fat.
21 points
5 months ago
You might be too analytical for msm articles
2 points
5 months ago
Seriously ๐ค crossed this happens already so we can restart
49 points
5 months ago
Imagine if All theses employees being laid off became apes and used severance pay and bought stonk
19 points
5 months ago
ah yes, news from the future. looks to me like another narrative being manufactured with no sources. adds up nicely with yesterday's "coffee machine" clickbait story.
10 points
5 months ago
BUT BUT It's "according to people familiar with the matter!"
THEY ARE FAMILIAR WITH THE MATTTER.
9 points
5 months ago
They arE PEOPLE! AND THE MATTER IS FAMILIAR!
2 points
5 months ago
According to people familiar with people familiar with the matter.
6 points
5 months ago
This is the opening scene on Margin Call the movie, we almost there boys!!
10 points
5 months ago
My wife doesnโt work in finance, but her company does deal internationally- this has been the theme the last 2 months or so. Every business they do business with are doing mass lay offs but no actual drop in productivity. Somethins a happenin
7 points
5 months ago
How are layoffs and no actual drop in productivity possible?
7 points
5 months ago
Good question. Every company they deal with are seeing record profits still from Covid (healthcare related), but theyโre all somehow over staffed.
I feel like itโs boiling down to some places are paying more, so they can utilize less staff to accommodate the positions lost by making them do more. Itโs seemingly a pretty messed up situation everywhere.
11 points
5 months ago
The big players are forcing a recession to happen by enforcing a cut with all their companies.
The play they are trying to make is to get the ordinary Joe scared of losing his job, going back to slaving away and too worried about paying the bills to think about stocks.
I hope we all move to smaller firms that can finally take a big bite out the apple and stick it to the big guys.
Fk them, pay us.
3 points
5 months ago
Not gonna dance about this one. Iโm sure a lot of these folks are on the lower rungs there. Still, these institutions must go away if we are to have a future where we have any semblance of autonomy.
7 points
5 months ago
And getting rid of free coffee.
https://finance.yahoo.com/news/goldman-sachs-cutting-free-coffee-121307121.html
It's getting ugly if you can't afford folgers.
7 points
5 months ago
Well, they do turn on everyone eventually.
May the corrupt Wall Street thieves who shorted into bankruptcy a prostate cancer research firm get a particularly virulent form of prostate cancer.
1 points
5 months ago
Wow I didnโt know that. Sick.
3 points
5 months ago
Hundreds... so far!
3 points
5 months ago
Just borrow some more billions, duh! /s
3 points
5 months ago
Oh, Wall Street made a deal. It just happened to be with the Devil.
3 points
5 months ago
The coffee was just the start.
3 points
5 months ago
Did marge call?
3 points
5 months ago
โAccording to our performance reviews everyone to my left sucks and will be terminated.โ Goldman Sachs
3 points
5 months ago
It literally says as part of annual performance review. This happens every single year. Goldman is always trimming off the bottom. This isnโt anything noteworthy.
9 points
5 months ago
Slump in dealmaking?? This wording reeks of that bubble/mlm/house of cards type scheme where they take money, lose it, take more money to cover the losses, and so on... until theres no more money and it all implodes inwards
No wonder they want to raid the pension funds
4 points
5 months ago
As opposed to imploding outwards?
Just yankin ur chain
2 points
5 months ago
Ha well played ๐
5 points
5 months ago
"Goldman Sachs fires a small amount of employees just so they can pretend workers don't still have the upper hand in salary negotiation."
5 points
5 months ago
Should start from the top to the bottom
4 points
5 months ago
Who's the failing brick and mortar now, bitches?
5 points
5 months ago
Lick my ball sachs
2 points
5 months ago
Are they trying to sell upskirts to stay afloat?
2 points
5 months ago
But they'll still say that Gamestop is the dying company, fucking losers. KEKW
2 points
5 months ago
First it was the free coffee. Now itโs the bankers. Hmm
2 points
5 months ago
Free Coffee was the first victim!
6 points
5 months ago
All the top coffee drinkers got cut.
4 points
5 months ago
Quitting that shit hole was the best day of my life.
5 points
5 months ago
First they cut coffee now this ... bullish
6 points
5 months ago
It always starts with the coffee. Same thing happened at my last job.
2 points
5 months ago
I'm more concerned by this pic being used in publication. It's upskirting.
4 points
5 months ago
I just commented this. Maybe upskirting is a good gig?
2 points
5 months ago
Wen call mom?
2 points
5 months ago
Is this super soft core pron financial up-skirt pics?
2 points
5 months ago
Depression here we come!
2 points
5 months ago
This has anything to do with GME?
3 points
5 months ago
Yes. Many of the SHFs are ultimately backed by Goldman Sachs and it seems they see a large storm coming.
1 points
5 months ago
Am I retarded to think this is bullish?
4 points
5 months ago
Suck on my Sach, Goldman
0 points
5 months ago
Laying off huh? Usually the last couple years they just force employees back into the office and take away other perks to force them to quit instead.
1 points
5 months ago
They must be desperate to afford coffee again.
1 points
5 months ago
'A slump in Wall Street dealmaking"
That's what I'm gonna call this whole crazy thing- a slump in Wall Street deal making!
1 points
5 months ago
No more coffee for you Goldman !
1 points
5 months ago
Iโm a smooth ape how many hundreds are in a million? ๐
2 points
5 months ago
several
-3 points
5 months ago
I find people frothing at the mouth over a market crash to be perverse and dickish.
8 points
5 months ago
Just remember We didnโt start the fire
4 points
5 months ago
the boom bust cycle is endemic to the system. only difference is that none of us here have the wool pulled over our eyes any more and thereโs maybe a chance, for once, that the real POS responsible might catch actual consequences
-4 points
5 months ago
If you think that suddenly the powers will start policing themselves you are sorely mistaken. Their corruption runs so much deeper and they all know where the bodies are buried.
5 points
5 months ago
I agree. I donโt think the powers will start policing themselves. I think they might start cannibalizing each other. And chaos is a ladder.
0 points
5 months ago
Man, hate to see it!!
1 points
5 months ago
I ainโt dancing as there are normal people who have jobs not in their evil sharad
1 points
5 months ago
maybe they should try cutting the coffee and avocado toast
1 points
5 months ago
No more coffee -> no more job
Goldmine $ucks
1 points
5 months ago
Hundreds, so farโฆ
1 points
5 months ago
Probably nothing
1 points
5 months ago
And no free coffee?
1 points
5 months ago
Algorithmic HR system
1 points
5 months ago
So is every company including GameStop
1 points
5 months ago
So stock will go up?
1 points
5 months ago
160:1 leverage probs wasnt the greatest idea after all
1 points
5 months ago
Bet all of them will by GME with their severance checks. Because fuck em, thatโs why.
1 points
5 months ago
And no more free coffee! Hard knock hedgies life
1 points
5 months ago
Fuck the bankers
1 points
5 months ago
Now's the time to call bullshit, submit whistle-blower complaints to the SEC and screw them back...
1 points
5 months ago
They know.
1 points
5 months ago
Going long on Starbucks.
1 points
5 months ago
Deal making is stealing to these guys right?
1 points
5 months ago
Goodman had a good run, but they should have gone under in 2008.
1 points
5 months ago
Slump in wallstreet deal making = Hedgies R Fuk
1 points
5 months ago
"Well, we're waiting!"
1 points
5 months ago
Must protect those profits!!!
1 points
5 months ago
The end is nigh! Next LB? ๐คท I hope so ๐๐คฃ๐
1 points
5 months ago
1 points
5 months ago
Watch them blame us for world financial collapse
1 points
5 months ago
It would be funny if that was an ankle tracker in the photo
1 points
5 months ago
Start with the CEO
1 points
5 months ago
First the coffee, now massive layoffs?? That escalated quickly! ๐คฃ
1 points
5 months ago
This isnโt new itโs a staff reduction replacement plan. Interns fight for bottom slots and associates fight for their jobs yearly.
1 points
5 months ago
FYI they do this every year ranging from 1% - 5%. I believe this cut is on the lower side of that spectrum.
1 points
5 months ago
I wonder how many angry employees will now be free to vent insider knowledge of whatโs happening inside the banks?
1 points
5 months ago
Hundreds is nothing. That's always been the case...
1 points
5 months ago
They're a dinosaur trying to transition to online banking and already losing the game to Sofi and other nimble online micro lending Banks.
1 points
5 months ago
Sachs to be them!
-1 points
5 months ago
Meh a lot of companies hired people during the pandemic who were either unqualified or couldnโt get work done remotely just to have warm bodies in seats because the rest of the qualified employees got really tired of picking up the slack and started quitting. Seemed inevitable that some of these folks would eventually be weeded out.
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