Goldman Sachs Layoffs: ‘3,000 employees fired in a day after being called for meeting at 7.30 am,’ say reports - Times Now

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Goldman Sachs Layoffs: Goldman Sachs, an American multinational investment bank and financial services company, laid off around 3,000 employees in one day after calling them to the office for a meeting with CEO David Solomon at its headquarters in New York.

According to a report by New York Post, when the employees arrived in the conference room for the meetings at 7.30 am, they were greeted by the head of the team who told them they have been fired while their manager observed the proceedings.

Recounting the sorry tale of a colleague, who was fired from the company, a Goldman Sachs employee said, “He got here early for the meeting and was told the news. The meeting was put on his calendar under false pretenses. Managers were sorry to do this but their hand was forced and they wished him the best of luck.”

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Another employee of the global financial services firm told New York Post, as per sources, that he was told to arrive at 7.30 am for a call with Goldman counterparts in the Asia-Pacific region and didn’t question the early meeting since those with other regions are typically during “off-hours”.

The affected employees were given the choice to leave the office immediately or wait for colleagues to arrive so they could say goodbye. However, most of the fired employees chose to leave the building following a wave of axing that was carried out before 9 am, leaving other employees confused over what had happened when their colleagues did not come back to their work desks, reported NY Post.

Global Head of Communication Tony Fratto said in a statement, “We know this is a difficult time for people leaving the firm. We’re grateful for all our people’s contributions, and we’re providing support to ease their transitions.”

Earlier in January, there were reports that Goldman Sachs will begin job cuts that might affect more than 3,200 employees or about 6.5 percent of its workforce. The world's big investment banks enjoyed a boom in 2021 and early 2022 as companies embarked on a huge number of mergers and acquisitions after coronavirus lockdowns.

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However, the number of takeovers has dropped significantly as interest rates have risen and company valuations have plummeted.

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