Inside Goldman Sachs' layoffs: 'Every 10 minutes, I just kept hearing that someone was being let go'
Consumer banking teams were hit particularly hard, with hundreds let go in lending alone.Goldman Sachs kicked off its most brutal round of layoffs in at least a decade this week, sending dozens of axed employees flocking to social media to lament their loss and seek new employment.
The cuts come as Wall Street's core business of underwriting stocks and bonds and advising on mergers and acquisitions dries up, sending revenues plummeting. Goldman, which reports fourth-quarter earnings next week, has had the added problem of having lost billions on its nascent consumer banking experiment. , was hit particularly hard by Wednesday's layoffs, staffers said.
"We've just been hearing that today was doomsday and that we'd start hearing cuts this morning. Every 10 minutes, I just kept hearing that someone was being let go," this person said.Goldman Sachs' spokesman Tony Fratto said:"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.
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