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gruffydd

15% Of Staff To Get Sack At Goldman Sachs

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This is terrible news and will surely be bad for the City of London.

There must be some way that the taxpayer could find it in their hearts to offer a rescue package to those that are laid off.

Maybe some of the empty luxury apartments at Hyde Park could be purchased by the Government and donated to those poor souls who would otherwise starve to death having to eek a living out of the scraps they have saved from their meagre 6million pound bonus's taken from the pension funds of the thankless working classes who would not appreciate the money anyway.

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Ouch! I thought GS were supposed to be one of the better placed banks, ready to profit from the credit crunch. :lol:

This 15% is on top of the 5% they have already announced. So 1 in 5 GS staff are now getting the boot! Not good news for the 'prime' London property market I would think.

Before anyone posts that "this is what they usually do, sack the underachievers"... they don't usually let one fifth of their workforce go at a time...

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Noticed Wall Street Bonuses were only down a fraction last year - less than 2% down - are they taking the p*** or what!

If you want to retain the best staff you have to offer inducements.

Most 20 something bright young things in the City would not get out of bed for less than a couple of million bonus and who can blame them, they worked hard to get where they are today, and there is a lot of responsibility and bad feeling if you are in charge of losing millions of savers and pensioners funds.

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If you want to retain the best staff you have to offer inducements.

Most 20 something bright young things in the City would not get out of bed for less than a couple of million bonus and who can blame them, they worked hard to get where they are today, and there is a lot of responsibility and bad feeling if you are in charge of losing millions of savers and pensioners funds.

Nah, it's more to do with the fact that last years bonuses were based on a year where the credit crunch had only been in effect for a few months. I think the 2008 bonus pools with be just a little smaller than the 2006 or 2007 equivalents.

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Who the fck is going to buy the shirts with the turned up collars, or pints of Magners ? Where are all the Aston Martin's going to be parked, in the dessert like they did with the planes in the aviation downturn ?

We are truly stuffed, its the end of the world.

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I wonder how many will be able to retire. If I'd been raking in 100s of K per year for a few years I'd be happy to be made redundant.

I assume these huge bonus types have cash left over after buying the luxury apartment and the Aston Martin!

In their shoes, I'd sell up, even at a knock down price, buy a smallholding in Dorset, replace the Aston with a Land Rover and never worry about money again!

Edited by Sofa Spud

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I wonder how many will be able to retire. If I'd been raking in 100s of K per year for a few years I'd be happy to be made redundant.

I assume these huge bonus types have cash left over after buying the luxury apartment and the Aston Martin!

I would imagine quite a few will have bought up very expensive property, and some might have been stupid enough to get heavily into BTL - they could well be losing 20-30% of those investments :lol:

You have to remember that the average (mean) age in a company like GS is around 30. There are quite a few guys in their late-20s earning fairly large amounts for back office work who will be living a certain 'lifestyle' and expecting the money to keep coming for ever, it's all they've known since they left uni!

Where does all the money go.. expensive cars, meals, women, watches and up their nose! :huh::o:lol:

The other thing is that they will find it tough to get another IB job when everyone else is firing or has a hiring freeze. When all you know how to do is package mortgages, etc. there aren't many alternative jobs you are suitable for.

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Could be a few more city boy suicides by the sounds of it. With all the mobiles with camera out there you'd hope a few of them get recorded for display on youtube.

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Sorry to spoil the feeding frenzy but this is just a 15% cut within one operating division at GS.

I re-read the article and to me it seems to be saying that they are cutting 15% of the entire workforce but the cuts will be made within a particular section.

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But I heard overheard someone in a bar in the City that worked for Goldman saying that they were going to scorch and burn take what they can before handing the business over to the liquidators.

Maybe it is just a rumour, but they sounded serious and they had turned up collars and were drinking Magners and they appeared Cocky and disfunctional, I am sure they worked for Goldmans.

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I re-read the article and to me it seems to be saying that they are cutting 15% of the entire workforce but the cuts will be made within a particular section.

WHAT ARE THEY CUTTING ALL THEIR HEADS OFF????? :o

Oh well, who will that affect?

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The NYP says that there are 32,000 employed at GS. Not so long ago it was only just over 20,000, so perhaps they are returning to their long-term average numbers.

I expect they are finding out how much cheaper it is to fire back-office workers in Bangalore than it is their counterparts in Essex. You can forget that shiny new scooter Mr. Reddy, it's back on the bicycle for you!

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Hey - this is major. With 20% of the best and brightest bank' staff to be cut I sense they are the only ones being honest - the others are in worse trouble and are covering up the cuts or just focusing on avoiding liquidation.

I am going short US financials next week (SKF) - they had a bounce on Friday but it is so temporary................................

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But I heard overheard someone in a bar in the City that worked for Goldman saying that they were going to scorch and burn take what they can before handing the business over to the liquidators.

Maybe it is just a rumour, but they sounded serious and they had turned up collars and were drinking Magners and they appeared Cocky and disfunctional, I am sure they worked for Goldmans.

If they were drinking Magners they were probably from some second divison bank like UBS. You would have noticed a GS employee - the sunlight being emitted from their backside is a dead giveaway, plus they only drink the blood of orphaned children.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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