The layoffs are the largest at the firm since the Great Recession. This comes as the firm gears up for what it expects to be a rough economy this year.
Axed employees have complained that the firm handled the layoffs in a very poor and unprofessional manner. Some employees report being invited to phony early morning meetings, some at 7:30 A.M., only to be fired instead.
Goldman’s total workforce numbered 49,100 as of end-third quarter, with that total reflecting a huge number of hires it made during the COVID-19 pandemic, according to a Reuters report. While the layoffs likely impact most of its major divisions, according to the Reuters report, the hardest hit is reportedly its investment banking unit, according to a source.