Goldman Sachs employees receive invitations to ‘meetings’ that turn out to be layoffs

On Jan. 11, Goldman Sachs cut 3,200 jobs, or about 6.5% of its workforce.

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Goldman Sachs CEO Dewei Solomon. PHOTO CREDIT: PATRICK T. FALLON—BLOOMBERG VIA GETTY IMAGES

It’s one thing to be laid off by a well-known investment bank like Goldman Sachs, but it’s quite another to be laid off suddenly after what you thought was a routine meeting.

On Jan. 11, Goldman Sachs cut 3,200 jobs, or about 6.5% of its workforce. The layoffs themselves were not surprising, as in December 2022, CEO David Solomon warned that headcount reductions were expected “in the first half of January” as “economic activity slowed in a tightening monetary environment.” “.

However, according to the New York Post (New York Post) report on January 13, people familiar with the matter revealed that many employees were laid off unexpectedly. They thought it was just a routine meeting, but only after they arrived at the scene did they know that they had been laid off.

According to the report, the laid-off employees received fake meeting invitations at Goldman Sachs’ New York headquarters, some even scheduled for 7:30 in the morning. But when they arrived in the meeting room, all they learned was the layoff notice, and the immediate manager was watching.

According to the New York Post, Goldman internally refers to Jan. 11 as “David’s Demolition Day.”

When Fortune asked Goldman Sachs about the New York Post report, Tony Flato, the firm’s head of global communications, replied:

“We know these are difficult times for our departing colleagues. Thanks to the contributions of all employees, we are also supporting the transition of our departing employees. The focus now is on properly aligning the company in a challenging macroeconomic environment.” scale to meet future opportunities.”

Layoff etiquette has been getting more attention lately, especially in the tech industry. While overall U.S. unemployment is low, the tech workforce has shrunk significantly in recent months.

In early January, Salesforce CEO Marc Benioff came under fire for announcing mass layoffs the day before and dodging questions at an all-hands meeting. When Benioff founded SAIF, he emphasized the concept of “Ohana” from Hawaii, which means family bonds and encourages people to be responsible for each other. Now some employees doubt that this is still the core of the company’s culture.

In November 2022, Elon Musk was widely criticized for violent layoffs after the chaotic acquisition of Twitter (Twitter). According to Fortune, some employees didn’t know their jobs were out until they found they couldn’t log into the company’s email or communication systems. Others learned of their layoffs in an (unsigned) email after hours.

HR experts comment on the chaos relentlessly. “I’ve been in HR for over a decade and have seen how companies of all sizes and types handle layoffs,” one HR practitioner tweeted. “I personally think that Twitter under Musk is going through something horrific, from a legal, moral and humanitarian standpoint. Outrageous and heartbreaking.”

On the other hand, in August 2022, a CEO once posted a tearful selfie on LinkedIn, expressing guilt for firing employees. Critics called the move nothing more than a public relations stunt, accusing him of trying to win sympathy. (Fortune Chinese website)

Translator: Xia Lin

It’s one thing to get laid off from a prestigious bank like Goldman Sachs. It’s another to have that happen after showing up for what you thought was a routine meeting.

On January 11, Goldman eliminated 3,200 jobs, or roughly 6.5% of its workforce. That came as no surprise as CEO David Solomon had already warned staff in December 2022 he anticipated that “headcount reduction will take place in the first anuary, half of Citing “tightening monetary conditions that are slowing down economic activity.”

But getting fired did surprisingly some employees who showed up for what they thought was a routine meeting, according to insiders who spoke to the New York Post, as the paper reported on January 13.

Those employees had reportedly been emailed calendar invites for fake meetings, some as early as 7:30 am, at the bank’s New York headquarters. But when they showed up, they told they were being laid off, with their manager looking on.

Wednesday was internally dubbed “David’s Demolition Day,” according to the Post.

When Fortune asked Goldman Sachs about the Post report, Global Head of Communications Tony Fratto replied:

“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. Our focus now is to appropriately size the firm for the opportunities ahead of us in a challenging macroeconomic environment.”

Etiquette surrounding layoffs has come to the fore of late, especially in the tech sector, which has seen dramatic workforce reductions in recent months, even as overall the US unemployment rate remains low.

At Salesforce earlier January, CEO Marc Benioff came under fire for dodging questions during an all-hands meeting about mass layoffs announced only the day before. One employee questioned whether the Hawaiian concept of “Ohana”—the idea of ​​family bonds that encourages be responsible for each other—should still be core to the company’s culture, as Benioff made it at Salesforce’s founding.

Elon Musk was heavily criticized in November 2022 over the way layoffs were conducted at Twitter after his chaotic takeover. As Fortune reported, some employees found out their jobs were being eliminated after they couldn’t log on to their company email or messaging. learned their fate via an (unsigned) email sent after the workday.

HR professionals did not mince words when weighing in on the tactics. “I have worked in HR for over a decade and seen many different sizes and types of companies handle layoffs,” one tweeted. “From where I’m sitting, Musk’s Twitter is going about theirs terribly—legally, ethically, and humanely speaking. Infuriating and heartbreaking.”

On the other hand, one CEO received widespread criticism in August 2022 after attaching a teary-eyed selfie to a LinkedIn post in which he described the guilt he felt over firing staff. Detractors called it a PR stunt and accused him of fishing for sympathy.

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