Layoffs at Goldman Sachs: Employees, including directors, face job losses

Goldman Sachs is likely to lay off 125 directors in various departments, including investment banking.

New Delhi: Goldman Sachs Group, an American multinational investment bank and financial services company, has begun layoffs and is likely to cut more jobs globally, including directors as part of the cross-cutting measure.

According to a report from The Mint, the company is likely to lay off 125 executives in various departments, including investment banking.

In January, Goldman Sachs laid off about 3,000 employees in one day after calling them into the office to meet with CEO David Solomon at its New York headquarters.

According to a report in the New York Post, the bankers were emailed invitations to the meeting, and when they arrived at 7:30 a.m., they were greeted by the head of the team who told them they had been fired while their manager observed proceedings.

Recounting the story of a colleague who was fired, a Goldman Sachs employee told the publication: “He got here early for the meeting and got the news. Meeting was put on his agenda under false pretenses. Managers were sad to do this, but they were forced and wished him luck.”

The dismissed employees were given the choice of leaving the office immediately or waiting for colleagues to arrive to say goodbye. Most chose to leave after a spate of shelling that occurred before 9:00 am. This left other employees confused about what happened when their co-workers didn’t show up, the publication said. The company laid off 3,200 workers, the heaviest job loss since the 2008 financial crisis.

The bank’s CEO David Solomon had previously sent a year-end voice memo to staff warning of a headcount cut in the first half of January, Reuters reported.

Other international banks, including Morgan Stanley and Citigroup Inc, have cut back their staff in recent months.