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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 Theodore is a Media Publisher & Event Producer and a great people connector.. She is Founder/CEO Silicon Valley TV which has served the San Francisco Bay Area for 11 years! She has produced Silicon Valley Events for Investors & Startups for 9 years. Pemo loves to video interview venture capitalists & founders to engage the human behind the success stories.. She has been Executive Producer of FinTech Silicon Valley for 5 years, organizing twice monthly FinTech talks & panels in San Francisco & Palo Alto. She believes in learning through a great discussion with experts in the domains. Pemo has a talent to bring the right people together and is an incredible networker. Pemo's events have been seen as supporting Venture Capitalists & Angels in sourcing great deal flow from startups who attend her events. Many founders have received funding through meeting investors at her events. Her favored medium is visual media and she has built up a great body of work of videos of panels & interviews in Silicon Valley.startup ecosystem.

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