More layoffs before the holidays then a merger or acquisition on the horizon. Goldman Sachs likely. The reduction in cost, the outsourcing, the reorganization. It makes sense and I’d bet money on it.
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Goldman Sachs & Price has a nice ring to it. If you think we have bad culture now just wait. Annually firing 20-40% of your lowest performing reports while hoping your not in your manager's lowest 20-40% is SOP with them.
@1e3 To me it indicates the lack of commitment to the city and the state. They will likely sell the firm to some larger fish after arranging golden parachutes for all signatures to that email. It will be a lot easier to fire the remaining MD workforce and then work out an exit from these leases. They do not care about the culture here. The "culture" is all divisive DEI and fear due to slow drip firings. Another day in paradise - looking forward to HR and DEI managers doing their coordinated down voting of any post that threatens their roles. They actually pay people to enact DEI while laying off good helpdesk people.
@19c
Looking at the bright side of this, it will likely save the firm money in the long run with less maintenance cost, liability insurances, flexible terms with most leases, and improvements cost a ton. I’d rather the firm invest in its culture than its real estate. Maybe this will help?
@zt Oh look, a Real Estate reduction announcement - who knew? Stay tuned...
@mw real estate change? Meaning what?
@cx Which office is like a sardine can? Real Estate change is coming soon...
I don't anticipate any firm-wide layoff program before year end. But be sure that a number of people are being dropped one by one, or in small groups, and that will continue over the next 12+ months. It will add up to a fair few folks by the time it's done. If flows get worse - or the market drops - then likelihood of more significant RIFs that ripple across the organization. The firm is in a period of accelerated change, one that it hasn't ever seen and we gotta get used to this being the new normal.
@OP 100% agreed. We are all crammed in like sardines - likely to have the real estate available to liquidate. And they are dumping all of IT into offshore contracting which doesn't seem to be about quality at all - it is just to have less well-paid employees on the books. There really has been no new initiatives in IT. I get a general feeling of throwing in the towel. First the whole FIS thing. Then this real estate consolidation. Then the additional layoffs to hire contractors. We are are in a holding pattern until some other company buys us. What will happen to the Camden Yards sign?