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Goldman Sachs cutting jobs despite vow to freeze layoffs in 2020

Goldman Sachs is moving forward with a plan to slash about 400 jobs — despite pledging earlier in this year that the firm would freeze layoffs in the middle of the coronavirus pandemic.

The Wall Street giant headed by David Solomon said Thursday about 1 percent of its workforce will be affected — a far smaller number than the 3-to-5 percent of headcount that usually gets cut in the bank’s yearly bloodbath.

“At the outbreak of the pandemic, the firm announced that it would suspend any job reductions,” Goldman admitted in a statement. “The firm has made a decision to move forward with a modest number of layoffs.”

No specific area of the $2 trillion megabank’s operations are being targeted for cuts and that the move is a general reduction of headcount.

Layoffs are an annual rite at Goldman, which more than any other bank on Wall Street is known for its practice of shedding existing employees to make room for new blood. Read more via SportsGrindEntertainment

Pemo Theodore

Pemo is a Media Publisher & Event Producer. She is CoFounder/CEO Silicon Valley TV She is the Executive Producer of FinTech Silicon Valley & organizes Bay Area FinTech meetup: Silicon Valley FinTech meetup & Blockchain Music meetup with almost 3k members. She has produced Silicon Valley Events for Investors & Startups 7 years. She video interviews venture capitalists & angel investors & FinTech experts. She partners with videographers to cover San Francisco Bay area startup conferences & meetups with livestreaming, video & foto packages Silicon Valley TV She is based in Silicon Valley & has been involved in online business for 14 years. She has been in small business for 46 years in Ireland, London, Canada & Australia. She also published a free ebook (the findings of 1 year research from VCs, angels & women founders) “Why are Women Funded Less than Men? a crowdsourced conversation” She was TheNextWomen‘s most prolific contributor of 2011. Silicon Valley TV has been noted as a platform for supporting high growth women led companies in Huffington Post

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