***** LAYOFFS THREAD ***** McKinsey plans to cut 2,000 jobs in one of its biggest layoffs

[pakeer_saab]

On 12/14/2022 at 11:24 PM, Complex said:

ma company lo around 200 contractors ni lepesaru 1st week lo .. FTE's are safe.

For Now 

[dasari4kntr]

Gold­man Sachs Group Inc. is plan­ning to lay off sev­eral thou­sand em­ploy­ees, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter, an­other con­se­quence of this year’s deal-mak­ing slump.

A per­son fa­mil­iar with the sit­u­a­tion said the bank will be leaner in 2023, but it will still have more em­ploy­ees than it did be­fore the pan­demic. Gold­man had some 49,000 em­ploy­ees as of Sep­tember, up from about 38,000 at the end of 2019.

Gold­man also ex­pects to slash, and in some cases elim­i­nate, the an­nual bonuses of un­der­per­form­ing em­ploy­ees, peo­ple fa­mil­iar with the mat­ter said.

Like other Wall Street banks, Gold­man hired ag­gres­sively through­out 2020 and 2021, bring­ing in new em­ploy­ees to help it keep up with an M&A boom. This year was a dif­fer­ent story: An eco­nomic slow­down, war in Eu­rope and ris­ing in­ter­est rates trig­gered a bear mar­ket for stocks and a slump in deal mak­ing. Mor­gan Stan­ley also laid off work­ers this month, and sim­i­lar cut­backs have swept through cor­po­rate Amer­ica.

Some of the job cuts at Gold­man will be part of an­nual work­force re­views. In most years, Gold­man elim­i­nates un­der­per­form-ers dur­ing that process, but lay­offs were sus­pended dur­ing the pan­demic.

Tak­ing away bonuses is an­other lever that Gold­man can pull to trim ex­penses. Like most Wall Street em­ploy­ees, Gold­man staff re­ceived a large por­tion of their com­pen­sa-tion in an­nual pay­outs tied to their per­for­mance and that of the over­all firm.

Em­ploy­ees who get no bonus usu­ally in­ter­pret it as an in­vi­ta­tion to leave. Elim­i­nat­ing bonuses for highly paid part­ners and other ex­ec­u­tives can also give the bank lee­way to pre­serve com­pen­sa­tion for ju­nior bankers.

 

[Tellugodu]

7 minutes ago, dasari4kntr said:

Gold­man Sachs Group Inc. is plan­ning to lay off sev­eral thou­sand em­ploy­ees, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter, an­other con­se­quence of this year’s deal-mak­ing slump.

A per­son fa­mil­iar with the sit­u­a­tion said the bank will be leaner in 2023, but it will still have more em­ploy­ees than it did be­fore the pan­demic. Gold­man had some 49,000 em­ploy­ees as of Sep­tember, up from about 38,000 at the end of 2019.

Gold­man also ex­pects to slash, and in some cases elim­i­nate, the an­nual bonuses of un­der­per­form­ing em­ploy­ees, peo­ple fa­mil­iar with the mat­ter said.

Like other Wall Street banks, Gold­man hired ag­gres­sively through­out 2020 and 2021, bring­ing in new em­ploy­ees to help it keep up with an M&A boom. This year was a dif­fer­ent story: An eco­nomic slow­down, war in Eu­rope and ris­ing in­ter­est rates trig­gered a bear mar­ket for stocks and a slump in deal mak­ing. Mor­gan Stan­ley also laid off work­ers this month, and sim­i­lar cut­backs have swept through cor­po­rate Amer­ica.

Some of the job cuts at Gold­man will be part of an­nual work­force re­views. In most years, Gold­man elim­i­nates un­der­per­form-ers dur­ing that process, but lay­offs were sus­pended dur­ing the pan­demic.

Tak­ing away bonuses is an­other lever that Gold­man can pull to trim ex­penses. Like most Wall Street em­ploy­ees, Gold­man staff re­ceived a large por­tion of their com­pen­sa-tion in an­nual pay­outs tied to their per­for­mance and that of the over­all firm.

Em­ploy­ees who get no bonus usu­ally in­ter­pret it as an in­vi­ta­tion to leave. Elim­i­nat­ing bonuses for highly paid part­ners and other ex­ec­u­tives can also give the bank lee­way to pre­serve com­pen­sa­tion for ju­nior bankers.

 

Ante 4K employees biskit ani ardam.

[dasari4kntr]

9 minutes ago, Tellugodu said:

Ante 4K employees biskit ani ardam.

tough times...

[ramudu]

12 minutes ago, dasari4kntr said:

tough times...

I can say it will be more , financial / banking / health care take this situation as opportunity and reduce head count , neenu work chesee place lo they decided to completely shutdown one department service center in 2 months (at least 300+ people work in this area)  and send all work to India , it impact 100s of people  for sure 

[dasari4kntr]

3 minutes ago, ramudu said:

I can say it will be more , financial / banking / health care take this situation as opportunity and reduce head count , neenu work chesee place lo they decided to completely shutdown one department service center in 2 months (at least 300+ people work in this area)  and send all work to India , it impact 100s of people  for sure 

that’s exactly happening now in my team too..moving the current projects to india and freeing us resources from responsibilities ..and asking to give kt..

[ramudu]

23 minutes ago, dasari4kntr said:

that’s exactly happening now in my team too..moving the current projects to india and freeing us resources from responsibilities ..and asking to give kt..

[Tellugodu]

1 hour ago, ramudu said:

I can say it will be more , financial / banking / health care take this situation as opportunity and reduce head count , neenu work chesee place lo they decided to completely shutdown one department service center in 2 months (at least 300+ people work in this area)  and send all work to India , it impact 100s of people  for sure 

What kind of work those 300+ people used to do ? Call center?

[Tellugodu]

54 minutes ago, dasari4kntr said:

that’s exactly happening now in my team too..moving the current projects to india and freeing us resources from responsibilities ..and asking to give kt..

Oh no 🙈. What kind of work it is? Generally PII data unna work outsource cheyaru kada ??

[dasari4kntr]

2 minutes ago, Tellugodu said:

Oh no 🙈. What kind of work it is? Generally PII data unna work outsource cheyaru kada ??

moving projects to india branch...(same company)...

Financial application development and support...

[Tellugodu]

1 hour ago, dasari4kntr said:

moving projects to india branch...(same company)...

Financial application development and support...

So now the trend is to not bring workers from India on H1 but rather moved the work completely to IND. seems like even more profits.

[ramudu]

Goldman Sachs layoffs are slated to hit within days and could target up to 4,000 employees 

[jaathiratnalu]

On 12/16/2022 at 3:48 PM, Tellugodu said:

So now the trend is to not bring workers from India on H1 but rather moved the work completely to IND. seems like even more profits.

This is very old trend 

Still lot be managed from here because of time zone , business priority  etc..

[Vaampire]

Stitch fix 20% layoff.. 350 people

[csrcsr]

4 minutes ago, Vaampire said:

Stitch fix 20% layoff.. 350 people

Q4 results epudu vadtsyi bro companies vi basically year end combined??