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goldman sachs

Goldman Sachs Gearing Up To Lay Off Up To 3,200 Employees This Week 

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According to reports from an individual involved in Goldman Sachs, the company will be laying off up to 3,200 employees this week as a means of saving on costs. 

The source who spoke with CNN stated that more than a third of the projected layoffs will come from the firm’s trading and banking units. These cuts are a result of uncertain economic and market conditions, as Goldman Sachs has recently been feeling the impacts of a decrease in global dealmaking. Many companies are leaning away from mergers and raised capital with the firm. 

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As reported by Bloomberg, hiring for roles in other departments will continue into the new year, and a new class of analysts are also expected to start working for the firm later this year. 

At the end of the third quarter Goldman Sachs reported having around 49,100 employees after adding thousands of positions during their recovery from the pandemic; which many financial markets have also done. 

Overall, the Federal Reserve and other major banking firms have begun to raise their borrowing costs as a means of combating inflation rates throughout the nation. 

Many companies are working on saving money by any means necessary to prepare for a possible recession that would occur as a result of rising interest rates. The rate of mergers and acquisitions have overall been on the decline as well. 

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Goldman Sachs is one of the most well known firms that’s involved in these mergers and acquisitions as well. So with the recent decline in transactional activity, the firm experienced a 12% drop in revenue in the third quarter of 2022 when compared to one year ago. 

Investment banking revenue overall has decreased by 57% yearly, according to reports. 

This past October Goldman Sachs announced part of its plan to streamline operations by combining their trading and investment banking divisions, as well as combining its digital consumer bank, known as Marcus, with its wealth management sector. 

Reports indicate that shares of Goldman Sachs were up less than 1% in premarket trading as of this week. 

Goldman Sachs isn’t the only massive company planning on implementing layoffs in their 2023 plans. Amazon stated earlier this month that they plan on laying off more than 18,000 employees while Morgan Stanely have already begun layoffs in the new year.

Outdoor Concert

Chainsmokers Concert DJ’d By Goldman Sachs CEO In The Hamptons Is Under Investigation

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David Soloman is the CEO of Goldman Sachs and one of the many individuals currently under fire for a Hamptons concert that was advertised as a social distance “stay in your car” concert. However, once footage of the show began circulating on social media, everyone quickly saw that not only was no one in their car, but everyone was standing close together without any facial coverings. In other words, it looked like any other normal concert pre-pandemic. 

Solomon was the DJ opening act for famous DJ duo The Chainsmokers. New York Governor Andrew Cuomo was quick to go on Twitter and slam the drive-in concert participants and organizers for their “egregious social distancing violations.” 

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Solomon is now typically known for his part-time electronic dance DJ work, instead, he’s more often associated with running one of the largest and most powerful investment banks in America. His stage name is D-Sol and he’s been spinning records at night clubs in New York and Miami for a couple of years now. However, his Dj career was put on hold with the coronavirus pandemic, at least until this past weekend.

According to Soloman, who left the concert before the show ended, there wasn’t a lot of rule-breaking going on that he could see in terms of social distancing procedures. “The vast majority of the audience appeared to follow the rules, but I’m troubled that some violated them and put themselves and others at risk.” A majority of the footage from the concert that shows people blatantly breaking guidelines were from later parts of the show, after Soloman likely left. 

According to insiders, organizers of the concert were working closely with local authorities and government figures to ensure that health and safety protocols were put into place. The website that promoted the concert promised patrons a “safe and controlled environment setting the bar for all events to come.” 

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While the website did encourage everyone to wear a mask in restroom areas, maintain at least 6 feet of distance between everyone, and required guests to arrive together, it’s unclear as to how any of these were enforced at the show itself. 

Cuomo went on to say that he was “appalled” by the videos online, especially considering New York was initially hit the hardest with Covid-19 cases and was able to flatten the curve in the city after months of struggling. Dr. Howard Zucker is the New York State Health Commissioner and recently announced that he sent a letter to Southampton’s superviser/concert organizers. 

“I’m greatly disturbed by reports of thousands of people in close proximity, out of their vehicles, along with a VIP area where there was no pretense of a vehicle.”

The concert itself was for charity and raised money for various organizations including No Kid Hungry. Ticket prices ranged from $225 to $2,500 if you wanted the “Rockstar Package” that Zucker is referring to which included a private RV for 10 guests.