“It’s just weird finding about your job or division being merged or changed by reading the news instead of hearing it from the firm leadership of your boss,” one Goldman employee told The Post. …
Goldman Sachs CEO David Solomon’s plan to reorganize the bank’s corporate structure is raising alarm bells — with junior bankers fearing it could cost them their jobs, sources told The Post.said the Wall Street giant was combining its various business units into three divisions — and that one of them would house both the trading and investment banking, the bank’s two most prestigious and competitive operations.
Goldman confirmed the plans as it announced quarterly earnings on Tuesday — with Solomon telling CNBC in an interview that there’sas the bank mounts its overhaul. The corporate rejiggering is also consolidating the consumer banking businesses, including its struggling Marcus division. “It’s just weird finding out about your job or division being merged or changed by reading the news instead of hearing it from the firm leadership or your boss,” one Goldman employee who spoke on the condition of anonymity told The Post. “It begs the question… will we all keep our jobs?”
“A new reorganization increases intensity for management and employees to produce…this gives wiggle room to cull a few more,” Mike Mayo, banking analyst at Wells Fargo told The Post. “They could be deciding which people are redundant.” Goldman Sachs employees fear they could face layoffs as the company looks to restructure into three units.
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